Which key events could impact the financial markets?
The following announcements, events, and reports have the potential to impact the financial or mortgage markets this week:
Monday, March 11th
None scheduled
Tuesday, March 12th
NFIB optimism index – February 2024
Consumer Price Index – February 2024
Core CPI – February 2024 & year-over-year
Monthly U.S. federal budget – February 2024
Wednesday, March 13th
None scheduled
Thursday, March 14th
U.S. retail sales – February 2024
Retail sales minus autos – February 2024
Producer price index – February 2024
Core PPI – February 2024 & year-over-year
Initial jobless claims – Week of March 8th
Business inventories – January 2024
Friday, March 15th
Empire State manufacturing survey – March 2024
Import price index – February 2024
Import price index minus fuel – February 2024
Industrial production – February 2024
Capacity utilization – February 2024
Consumer sentiment (prelim) – March 2024
Where did mortgage rates end last week?
The national average for a 30-year, fixed-rate mortgage rate ended Friday’s session down 0.07% to 6.85%*. Mortgage rates showed a cooling trend that started in the beginning of the week and lasted through Chairman Powell’s testimony.
The next major data point comes on Tuesday’s inflation metrics report. It’s a possibility that those numbers will provide direction for the bond market which will likely influence the mortgage market.
Where are the most overpriced housing markets in the US?
A recent article reviewed housing market data compiled in the Beracha and Johnson Housing Market Rating, and scored the markets based on overpricing and underpricing. They used current sales prices, recent averages, and price cut data to determine if a market is overpriced or underpriced. The most recent data used was from January 2024.
According to the data compiled, the most overpriced market in the country is Atlanta, GA. As of January 31st, the average property in the Atlanta metro area is selling 42.39% above its historical implied price.
Also making the list were a lot of Sun Belt metro areas including three Florida markets in the top five. One of the stranger markets to appear in the top five was Detroit. According to the data compiled, homes in the Detroit metro area are 40.44% overpriced in January 2024.
* National average rates accurate as of 3/11/24 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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