Key financial events on the schedule of 12/18 to 12/22
The following events, reports, and announcements are scheduled for the upcoming week:
Monday, December 18th
Home builder confidence index – Dec 2023
Tuesday, December 19th
Housing starts – Nov 2023
Building permits – Nov 2023
Wednesday, December 20th
U.S. current account – Q3 2023
Existing home sales – Nov 2023
Thursday, December 21st
Initial jobless claims – Week of Dec. 16th
GDP (revision) – Q3 2023
Philadelphia Fed manufacturing survey – Dec 2023
U.S. leading economic indicators – Nov 2023
Friday, December 22nd
Durable goods orders – Nov 2023
Durable good minus transportation – Nov 2023
Personal income – Nov 2023
Personal spending – Nov 2023
PCE index – Nov 2023 & year-over-year
Core PCE index – Nov 2023 & year-over-year
New home sales – Nov 2023
Consumer sentiment – Dec 2023
Where did mortgage rates end last week?
The national average rate for a 30-year, fixed-rate mortgage ended up 0.02% to 6.64% on Friday*, but was down dramatically for the week.
The national average rate for a 30-year, fixed-rate was at 7.10% last Monday. A pause in interest rate activity and dove-ish messaging from the Federal Reserve spurred a rally in the bond market, which drove the national average for a 30-year, fixed-rate mortgage lower.
The national average has held on to the recent dip, but it may take more data to help it find its next direction.
Are lower rates the cure for the housing market?
In a recent interview with Yahoo Finance, Redfin’s chief economist, Daryl Fairweather, was asked if lower mortgage rates would help the housing market rebound in 2024.
Fairweather stated, “We were forecasting that rates would fall to 6.6% by end of 2024 and we’re already practically there. Does that mean that rates stay stable from here on out? It really depends on the trajectory of the economy. If inflation comes down faster than what we’re expecting, there is more room for rates to fall. But I think the best guess is always that rates will stay where they are as long as nothing is changing.”
When asked to make a prediction on prices, Fairweather went on to answer, “There is very little inventory on the market. We’re starting to see some signs that might let up next year. We’re getting more inquiries from people looking to sell next year. So we’re anticipating more new listings, which would facilitate more sales, about 5% more sales.”
* National average rates accurate as of 12/15/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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