What are experts expecting from today’s inflation data?
According to market insiders, today’s inflation data could challenge the market outlook for interest rate cuts. The consumer price index is expected to have risen 0.2% in the final month of 2023, and end up at 3.2% for the year. While this is still not at the 2.0% target set by the Federal Reserve, it’s an improvement over 2022.
It’s widely expected that the Fed will transition from fighting inflation to adjusting policy to prevent inflation from spiking—but avoiding staying too tight for too long.
The numbers to watch tomorrow are the housing inflation metrics. These have proven to be among the stickiest. Easing here could be a positive sign for the Spring housing market.
Where are mortgage rates at ahead of inflation data?
The national average for a 30-year, fixed-rate mortgage rate fell 0.02% to 6.78%* on Wednesday ahead of inflation data.
Trading has been light for most of the year with tomorrow’s report providing one of the first major data points of 2024. It’s widely expected that the Consumer Price Index will help the bond market and mortgage market find direction for the immediate future.
Where will homebuyers find new homes for sale in 2024?
A recent survey from Realtor.com has found there top 10 metro areas for new home construction in 2024.
The Sun Belt claimed the top two spots on the list with Punta Gorda, FL and Myrtle Beach, SC coming in one and two.
Punta Gorda has 4,794 new housing permits active, and a median new-construction home price of only $359,000. Located near Sarasota and Fort Myers, Punta Gorda may be one of the hottest markets in the country for 2024. Lesley Barton, a real estate agent with Coldwell Banker Sunstar Realty Global Luxury, said, “Demand is extremely high. There’s nothing more wonderful than waking up, looking outside, and seeing the sunshine and palm trees.”
Myrtle Beach has 11,965 new housing permits active, and the median new-construction price is only $341,000.
Greeley, CO, Austin, TX, and Boise City, ID rounded out the top five spots.
* National average rates accurate as of 1/10/24 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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