What did the latest inflation data say?
The inflation report from October 2023 showed that consumer price inflation fell to 3.2%, down from 3.7% in September. This was the lowest monthly rate since March 2021, according to the Bureau of Labor Statistics.
Inflation cooled more than expected, especially after showing slight increases in each of the last two months. Energy prices dropped significantly and were a key contributor to cooling in several sectors. However, shelter costs continued to stay elevated. Rental leases and the rental value of properties rose by 0.3% for the month.
Core CPI, which excludes food an energy, climbed 0.2% monthly and brought the annual increase to 4%. This is the lowest yearly increase since September 2021.
How did the mortgage market react to inflation data?
The national average for a 30-year, fixed-rate mortgage fell 0.18% to 7.40%*. The rally was lead by the positive developments on the inflation front. CPI data is one of the most influential metrics on interest rates, and that spills into the bond market, which impacts mortgage rates.
Wednesday will see Producer Price Index and Retail Sales data released, and that has the potential to provide further momentum to the downside or send the bond market inching back up. Only time will tell which way the mortgage market goes.
Could San Antonio be one of the top markets in 2024?
San Antonio has been a growing city for several decades, but it may finish 2024 as one of the top housing markets in the country. A recent Emerging Trends in Real Estate report from PricewaterhouseCooper ranked the San Antonio metro area 8th among the hottest real estate markets to watch in 2024
The report highlighted the economic growth the area has seen and the continued population growth as key factors. It also ranked San Antonio as the 2nd best market for homebuilding opportunities in 2024.
If the report is to be believed, 2024 could be a banner year for home sales and market growth in the San Antonio metro area.
* National average rates accurate as of 11/14/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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