Will the latest round of inflation data show cooling?
Consumer price index data will come out late this morning. Experts are expecting improvement according to the most recent predictions.
Jose Torres, senior economist at Interactive Brokers, stated, “June is going to be another good month.” Economists predict that consumer prices rose 0.1% on a month basis in June 2024. If the predictions are accurate, we’ll see the annual rate dip from 3.3% in May 2024 to 3.1% in June 2024. Core inflation, which excludes food and fuel, is predicted to grow 0.2% monthly and 3.4% annually.
When it comes to shelter and housing, we may see some progress there. Analysts from Goldman Sachs wrote, “We expect shelter inflation to step down from last month’s pace, reflecting declines in rent inflation to 0.36% and owners’ equivalent rent inflation to 0.39%, as the gap between rents for new and existing tenants continues to narrow.”
Where are mortgage rates ahead of CPI data?
The national average rate for a 30-year, fixed-rate mortgage dipped 0.2% to 6.99%* on Wednesday. The national average is below 7.00% for the first time since June 14th. However, the market mostly drifted in the afternoon and appeared to lack clear direction.
Today’s CPI data will likely give the market greater direction and could send us further down into the 6’s or push the market back over 7.00% if the inflation data comes in hot.
Which state has 5 of America’s hottest housing markets?
Housing sales data for June 2024 showed that the hottest state for buying a home in the country was a bit surprising. The state of Connecticut had the top overall metro area and five of the top 20 most active markets in the country.
The Hartford, CT metro area came in as the hottest in June. It was so hot that listings in the Hartford area generated 4.4 times more views in June than the national average.
New Haven-Milford, CT came in 9th place, and Worcester, MA.-CT, Bridgeport-Stamford-Norwalk, CT, and Norwich-New London, CT were all in the teens.
Connecticut’s median home price is a bit lower than Boston or New York City, but is very close in proximity to both areas. It’s also known for green spaces and very good public school system.
* National average rates accurate as of 7/10/24 from and are not advertised rates from Guaranteed Rate.
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