What are experts saying about today’s inflation data?
The expectation for today’s inflation data is that the monthly rate of change in the Consumer Price Index is expected to come in at 0.3% month-over-month, slightly lower than last month’s 0.4% mark. However, we’re likely to see an annual rate that comes in at 3.4%, up from 3.2% in February and still higher than the Federal Reserve’s 2.0% target.
The core index that leaves out volatile food and energy costs is predicted to decline from 3.8% to 3.7%. The annual rate for the Producer Price Index is expected to have risen from 1.6% in February to 2.2% in March.
What’s odd is, the job market continues to show strength despite the Fed’s interest rate hikes. Increasing the interest rate typically makes hiring tougher, but the job market has found a way to stay strong, and that’s helped keep inflation sticky.
Where are mortgage rates ahead of inflation data?
The entire U.S. housing market is one of the largest asset classes in the country, but which markets have the most value? A recent article from VisualCapitalist.com detailed the most valuable housing markets in the country.
The top two entries on the list shouldn’t come as a surprise. New York, NY claimed the top spot at $2.4T and Los Angeles, CA is worth $2.1T. However, the third position was claimed by Atlanta, GA and its $1.2T housing market.
San Diego, CA came in eighth on the list with a housing market worth $988 billion, but it showed a 9.4% YoY increase in value.
* National average rates accurate as of 4/9/24 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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