Which events are scheduled for this week?
The following announcements, events, and reports are scheduled for the week of July 8th through July 12th:
Monday, July 8th
Consumer credit – May 2024
Tuesday, July 9th
NFIB optimism index
Fed Vice Chair for Supervision Michael Barr speaks
Fed Chairman Powell testimony to the Senate
Fed Governor Michelle Bowman introductory remarks
Wednesday, July 10th
Wholesale inventories – May 2024
Fed Chairman Powell testimony to the House
Chicago Fed President Austan Goolsbee and Fed Governor Michelle Bowman at Fed event on childcare industry
Fed Governor Lisa Cook speaks
Thursday, July 11th
Initial jobless claims – Week of July 6th
Consumer price index – June 2024 & year-over-year
Core CPI – June 2024 & year-over-year
Atlanta Fed President Raphael Bostic speaks
St. Louis Fed President Alberto Musalem speaks
Monthly U.S. federal budget – June 2024
Friday, July 12th
Producer price index – June 2024 & year-over-year
Core PPI – June 2024 & year-over-year
Consumer sentiment (prelim) – July 2024
Where did mortgage rates end last week?
The national average rate for a 30-year, fixed-rate mortgage dipped 0.05% to 7.03%* on Friday. A softer than expected jobs report was released on Friday, and a slowing jobs market was met positively by bond traders. The Fed wants to see the jobs market cool off as a part of their fight against inflation.
The market was decidedly sideways during the week of the Independence Day holiday, but we should see a lot more activity this week. A few rounds of Fedspeak will start the week, and we’ll get fresh inflation data by the end of the week.
What are the experts predicting for home prices in 2024?
Where could home prices head in 2024? Forbes recently discussed home price predictions for the rest of 2024 with several experts to understand where they could end the year.
First, we need to see an increase in home inventory before home prices really cool off. Keith Gumbinger, vice president at online mortgage company HSH.com, stated, “For the best possible outcome, we’d first need to see inventories of homes for sale turn considerably higher,” says Keith Gumbinger, vice president at online mortgage company HSH.com. “This additional inventory, in turn, would ease the upward pressure on home prices, leveling them off or perhaps helping them to settle back somewhat from peak or near-peak levels.”
When will we see home inventory increase? We have already seen an increase in home inventory this year when comparing to the last two years. However, we still need to see a lot more progress before home prices will really cool off.
When asked if a housing market crash is a possibility, everyone stated that there are no signs of a crash at all.
Tom Hutchens, executive vice president of production at Angel Oak Mortgage Solutions, said, “The record low supply of houses on the market protects against a market crash.”
Orphe Divounguy, senior macroeconomist at Zillow Home Loans, stated, “In 2024, I expect we’ll see home appreciation take a step back but not plummet.”
* National average rates accurate as of 7/5/24 from and are not advertised rates from Guaranteed Rate.
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