What’s on this week’s financial calendar?
The following events, announcements, and reports are scheduled for this week and may have an impact on the mortgage or broader financial markets.
Monday, October 16th
Empire State manufacturing survey – October 2023
Philadelphia Fed President Patrick Harker speaks
Tuesday, October 17th
U.S. retail sales – September 2023
Retail sales minus autos – September 2023
Industrial production – September 2023
Capacity utilization – September 2023
Fed Gov. Michelle Bowman speaks
Business inventories – August 2023
Home builder confidence index – October 2023
Richmond Fed Prsident Tom Barkin speaks
Minneapolis Fed President Neel Kashkari speaks
Wednesday, October 18th
Housing starts – September 2023
Building permits – September 2023
Fed Gov. Chris Waller speaks
New York Fed President John Williams speaks
Fed Beige Book
Fed Gov. Lisa Cook speaks
Thursday, October 19th
Initial jobless claims – Oct 14
Philadelphia Fed manufacturing survey – October 2023
Existing home sales – September 2023
U.S. leading economic indicators – September 2023
Fed Chairman Jerome Powell speaks
Chicago Fed President Austin Goolsbee speaks
Fed Vice-Chair for Banking Michael Barr speaks
Atlanta Fed President Raphael Bostic speaks
Dallas Fed President Lorie Logan speaks
Friday, October 20th
Cleveland Fed President Loretta Mester speaks
Where did mortgage rates end last week?
The national average for a 30-year, fixed-rate mortgage ended trading on Friday down 0.03% to 7.66%*. This is about a 1.9% reduction since we saw the national average for a 30-year, fixed-rate mortgage hit 7.81% on October 6th.
While mortgage rates have reacted to the recent international conflict and the treasury market, there may be additional movement next week when the Fed presidents, governors and chairmen deliver guidance. This will be one of the few weeks that the market gets an update directly from the Fed until early November.
Which real estate listings were the most popular?
The team at Realtor.com spends a lot of time looking through home listings. Usually, they find homes that are either super-luxurious, designed by a well-known architect, or have a unique history. They looked into the most popular homes listed on their service, and the top spot is definitely one of the most unique listings available in the U.S. housing market.
Topping the list, and priced at $400,000, is 7245 Cascade Road in Concord, OH. This home was built in 1970 and features 3,507 sq. ft. of living space including five bedrooms. You might be asking, ‘what’s the catch.’ Well, in this case, the catch is that the single-level home was designed to resemble a cave. It’s complete with circular skylights, stone-like walls, and hallways resembling tunnels. The 1-acre lot also includes multiple stone structures throughout the property.
* National average rates accurate as of 10/13/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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