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 mortgage or financial markets:
Monday, November 27th
New home sales – Oct 2023
Tuesday, November 28th
S&P Case-Shiller home price index (20 cities) – Sept 2023
Consumer confidence – Nov 2023
Fed Gov Christopher Waller speaks
Chicago Fed President Austan Goolsbee speaks
Fed Governor Michelle Bowman speaks
Fed Governor Michael Barr speaks
Wednesday, November 29th
GDP – Q3 2023
Advanced U.S. trade balance in goods – Oct 2023
Cleveland Fed President Loretta Mester speaks
Fed Beige Book
Thursday, November 30th
Initial jobless claims – Nov 25th
Personal income (nominal) – Oct 2023
Personal spending (nominal) – Oct 2023
PCE Index – Oct 2023 & year-over-year
Core PCE Index – Oct 2023 & year-over-year
New Your Fed President John Williams speaks
Pending home sales – Oct 2023
Friday, December 1st
Fed Governor Michael Barr speaks
ISM manufacturing – Nov 2023
Construction spending – Oct 2023
Chicago Fed President Austan Goolsbee speaks
Fed Chair Jerome Powell speaks
Fed Chair Jerome Powell and Fed Governor Lisa Cook talk to local leaders in Atlanta
Auto sales – Nov 2023
Where are mortgage rates starting the week?
The national average for a 30-year, fixed-rate mortgage ended last week at 7.32%, down 0.01%* from Tuesday. The market appeared to be in holiday mode for the week as most of the market movers appeared to be away and we lacked meaningful data.
This week has a lot of Fed speak and a lot more meaningful data. Inflation data on Thursday is the next major event that may impact mortgage rates depending on how hot or cool it comes in.
Is housing data a reason to give thanks?
While the housing market has been a challenge for most of the year, there has been recent data to give homebuyers reasons to be thankful.
Sam Khater, Freddie Mac’s chief economist said, “In recent weeks, rates have dropped by half a percent.” Cooling mortgage rates are reason to be thankful.
Also, new listings are up 5% when comparing the week of November 18th to last year’s mark. Realtor.com economic research analyst Hannah Jones said, “With the number of homes for sale already limited, a pickup in new listings is a welcomed change to recent inventory woes.”
Jones went on to state that, “More active inventory will take some pressure off of home prices. And falling home prices, coupled with falling mortgage rates, will help buyers trickle back into the housing market.”
* National average rates accurate as of 11/22/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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