What’s on the financial calendar for this week?
The following events, announcements and reports may have some impact on the mortgage rate market or other financial markets this week:
Monday, September 11th
No events scheduled
Tuesday, September 12th
No events scheduled
Wednesday, September 13th
Consumer price index – August 2023
Core CPI – August 2023
CPI (year-over-year)
Core CPI (year-over-year)
Thursday, September 14th
Initial jobless claims – Sept 9th
Producer price index – August 2023
Core PPI – August 2023
PPI (year-over-year)
Core PPI (year-over-year)
U.S. retail sales – August 2023
Retail sales minus autos – August 2023
Business inventories – July 2023
Friday, September 15th
U.S. import prices – August 2023
Empire State manufacturing survey – September 2023
Industrial production – August 2023
Capacity utilization – August 2023
Consumer sentiment (prelim) – August 2023
Where did mortgage rates end last week?
The national average for a 30-year fixed rate mortgage ended Friday’s session down 0.07% to 7.22%*. Trading on Friday was uneventful after the correction on Thursday, but mortgage rates still managed to end the day lower than they started.
The markets are already focused on this week’s CPI data and looking forward to the following week’s announcement on interest rates from the Federal Reserve. Most experts expect the Fed to pause rate hikes, but their decision can be influenced by the inflation metrics.
Is there good news for the real estate market coming in the fall?
The national average for a 30-year fixed rate mortgage ended Friday’s session down 0.07% to 7.22%*. Trading on Friday was uneventful after the correction on Thursday, but mortgage rates still managed to end the day lower than they started.
The markets are already focused on this week’s CPI data and looking forward to the following week’s announcement on interest rates from the Federal Reserve. Most experts expect the Fed to pause rate hikes, but their decision can be influenced by the inflation metrics.
Is there good news for the real estate market coming in the fall?
Mortgage rates have managed to come down from their peak in August, but is there additional good news coming for the housing market in the fall? According to data scientists at Realtor.com, a better situation may not be far off.
When asked about the current market, Realtor.com data scientist Sabrina Speianu said, “The housing market has shuffled along at a slow pace for more than a year now as the market waits for mortgage rates to stabilize or decline. Heading into the fall housing season, mortgage rates, home prices, and housing availability continue to remain a challenge for both homebuyers and home sellers who themselves may need to purchase a home as they sell their current one.”
Speianu was asked to make a prediction on mortgages rates and the Federal Reserve meeting next week. To this question Speianu answered, “The market is not anticipating the Federal Reserve to increase rates in September and it is also less likely that they will raise rates before year-end.”
When discussing the pace of home sales and when the market can start to speed up, Speianu stated, “While the demand for homes has pulled back due to affordability constraints, there are still eager home shoppers on the market browsing through a declining inventory of homes for sale.” According to Speianu, the market may have a few areas of concern, but there are buyers waiting on the sidelines, ready to jump back in when the market starts to soften.
* National average rates accurate as of 9/8/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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