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 financial markets:
Monday, December 4th
Factory orders – Oct 2023
Tuesday, December 5th
S&P U.S. services PMI – Nov 2023
ISM services – Nov 2023
Job openings – Oct 2023
Wednesday, December 6th
ADP employment – Nov 2023
U.S. productivity – Q3 2023
U.S. trade deficit – Oct 2023
Thursday, December 7th
Initial jobless claims – Week of 12/2
Wholesale inventories – Oct 2023
Consumer credit – Oct 2023
Friday, December 8th
Consumer sentiment (prelim) – Dec 2023
U.S. employment report – Nov 2023
U.S. unemployment rate – Nov 2023
U.S. hourly wages – Nov 2023 & year-over-year
Where did mortgage rates end last week?
The national average for a 30-year, fixed-rate mortgage fell again on Friday. It was down 0.06% to 7.09%*. The bond market rallied again on Friday and ended up driving down mortgage rates at the end of the week. There was a bit of data to support the bond rally from the ISM manufacturing report and a speech from Chairman Powell.
Will mortgage rates continue to tick lower and head into the 6%-range, or will we see a bounce back upwards? The next data point that will provide guidance comes in the form of next week’s jobs data. That will likely give us a better idea if the rally is here to stay or if we’re going to head back up.
What are economists predicting for 2024?
CBS MoneyWatch spoke with several experts to offer their predictions for the 2024 housing market. They covered mortgage rates, housing inventory, and housing prices, and got detailed answers from folks who have several years of experience in the mortgage and housing industries.
On the subject of home prices, CBS MoneyWatch spoke to Daryl Fairweather, the chief economist at Redfin. Fairweather believes that home prices are likely to either stay at current levels or dip about 1% in 2024.
When it comes to mortgage rates, Lawrence Yun, chief economist at the National Association of Realtors said, “I believe we’ve already reached the peak in terms of interest rates. The question is when are rates going to come down?”
CBS MoneyWatch spoke to Danielle Hale, Realtor.com’s chief economist, on the topic of home inventory in 2024. Hale said, “Moves of necessity — for job changes, family situation changes, and downsizing to a more affordable market — are likely to drive home sales in 2024. Homebuyers will continue to seek out markets where they feel like they get the most out of their dollar as they look for homes that better meet their needs.”
* National average rates accurate as of 12/1/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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