What’s on this week’s financial calendar?
The following announcements, events, and reports are on the calendar for the week of 7/22 – 7/26, and may have an impact on financial markets:
Monday, July 22nd
None scheduled
Tuesday, July 23rd
Existing home sales – June 2024
S&P flash U.S. services PMI – July 2024
S&P flash U.S. manufacturing PMI – July 2024
Wednesday, July 24th
New home sale – June 2024
Fed Governor Michelle Bowman opening remarks
Thursday, July 25th
GDP – Q2 2024
Initial jobless claims – Week of July 20th
Durable goods orders – June 2024
Durable goods minus transportation – June 2024
Advanced U.S. trade balance in goods – June 2024
Advanced retail inventories – June 2024
Advanced wholesale inventories – June 2024
Friday, July 26th
Personal income (nominal) – June 2024
Personal spending (nominal – June 2024
PCE index – June 2024 & year-over-year
Core PCE index – June 2024 & year-over-year
Consumer sentiment (final) – July 2024
Which housing markets have potential for resale?
A recent survey published through Yahoo! Finance asked real estate experts which markets have the potential for highest resale. The Northeast region of the U.S. was highlighted as a key region that homebuyers may want to consider.
Ralph McLaughlin, a senior economist with Realtor.com, suggested that Cleveland, OH, Philadelphia, PA, Rochester, NY, and Providence, RI areas with potential. He stated, “In these areas, sellers of existing (used) homes are 14.7%, 11.3%, 9.3% and 8.9% more than the same time last year. These are more affordable markets where higher asking prices won’t necessarily break the bank of homebuyers.”
Angelica Ferguson VonDrak, a real estate broker in the Hudson Valley and Catskills region of New York, made her case for the area that she knows best. Ferguson VonDrak said, “Unlike more volatile urban areas, properties in the Hudson Valley and Catskills consistently appreciate, with record-setting double-digit appreciation year-over-year. I have multiple clients who have owned a home for about two years and sold for twice what they paid for it – and that’s not an isolated occurrence, it’s happening all over the region, and resale profits in the 50% range are commonplace.”
Are experts expecting rates to drop by the end of the year?
Homebuyers may get some good news on mortgage rates before the end of the year. An article from CNBC detailed the predictions that mortgage companies have made and how much homebuyers could save on a mortgage if rates dip.
Realtor.com has a prediction that the rate on a 30-year, fixed-rate mortgage will dip to 6.5%* by the end of the year. Fannie Mae is predicting a 6.7%* rate by the start of 2025. Wells Fargo is at 6.0%* and the Mortgage Bankers Association is the lowest at 5.9%*.
At the current level, the U.S. median home price of $420,800 with a 20% down payment at 6.87%* mortgage rate would cost about $2,210 per month. If rates dip to the level the MBA is predicting, that same payment would only be $1,997, according to the article.
* Not advertised rates from Guaranteed Rate
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