What’s on the financial calendar for this week?
The following announcements, events, and reports are scheduled for the week of March 25th to March 29th:
Monday, March 25th
Atlanta Fed President Raphael Bostic speaks
Chicago Fed President Austan Goolsbee speaks
New home sales – February 2024
Fed Governor Lisa Cook speaks
Tuesday, March 26th
Durable goods orders – February 2024
Durable goods minus transportation – February 2024
S&P Case-Shiller home price index – January 2024
Consumer confidence – March 2024
Wednesday, March 27th
Fed Governor Christopher Waller speaks
Thursday, March 28th
Initial jobless claims – Week of March 23rd
GDP (2nd revision) – Q4 2023
Chicago Business Barometer – March 2024
Pending home sales – February 2024
Consumer sentiment – March 2024
Friday, March 29th
Advanced U.S. trade balance in goods – February 2024
Advanced retail inventories – February 2024
Advanced wholesale inventories – February 2024
Personal income & spending – February 2024
PCE Index – February 2024 & year-over-year
Core PCE index – February 2024 & year-over-year
Fed Chair Jerome Powell speaks
Where did mortgage rates end last week?
The national average for a 30-year, fixed-rate mortgage ended down 0.05% to 6.91%* on Friday. Seeing the national average dip below 7.00% and stay below 7.00% was likely met with applause by homebuyers.
The continued downturn was believed to come from optimism around the Federal Reserve promising that three rate cuts would be coming before the end of the year. We get a ton of Fed speak this week and a few key data points early and late in the week that may impact the bond market.
Fannie Mae updated mortgage rate predictions
Economists at Fannie Mae updated their projections for the national average for a 30-year, fixed rate mortgage after the Fed announcement and promise of cuts before the end of the year.
Fannie Mae economists now expect a 30-year, fixed rate mortgage rate to end the year at 6.4%. This has been updated from a 5.9% projection earlier this year.
Economists felt that stronger than expected jobs data, hotter than expected inflation data are leading reasons to adjust the projection.
However, there is good news in the recent report. Fannie Mae is also expecting existing home sales to strengthen this year. The Home Purchase Sentiment Index showed that 66% of homeowners believe now is a good time to sell.
Fannie Mae’s chief economists, Doug Duncan, stated, “The housing market is likely to continue to face the dual affordability constraints of high home prices and elevated interest rates in 2024. Still, while we don’t expect a dramatic surge in the supply of homes for sale, we do anticipate an increase in the level of market transactions relative to 2023—even if mortgage rates remain elevated.”
* National average rates accurate as of 3/22/24 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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