What’s on this week’s financial calendar?
The following announcements, events, and reports are on the schedule for the week of August 5th to August 9th:
Monday, August 5th
S&P final U.S. services PMI- July 2024
ISM services – July 2024
Tuesday, August 6th
U.S. trade deficit – June 2024
Wednesday, August 7th
Consumer credit – June 2024
Thursday, August 8th
Initial jobless claims – Week of August 3rd
Wholesale inventories – June 2024
Richmond Fed President Tom Barkin speaks
Friday, August 9th
None scheduled
Where did mortgage rates end last week?
The national average rate for a 30-year, fixed-rate mortgage went even lower on Friday, and ended the day down 0.22% to 6.40%*.
The reason for the change? The market appears to have bought into a shift in market trends. It seems that traders have realized that the cooling in inflation and softening of jobs data is allowing an environment in which bonds will continue to push mortgage rates lower.
This week is light on data, so unless there are major headlines in geopolitics or the global economy, we’re likely to drift. However, the market feels a bit hard to predict at the moment, so we could see changes even without supporting data.
Which New Jersey market is among the hottest?
A wave of a suburban and exurban migration is changing the way homebuyers look for homes in the U.S.
One of the markets taking advantage of the trend and seeing homes getting snapped up is Blackwell Mills, NJ. It’s a Somerset County exurb near Rutgers university, and it’s the second-fastest growing housing market from 2013 to 2022 according to recent data.
Housing costs in urban areas are pushing folks out of the cities and towards suburbs, but now homebuyers are willing to go farther out into ‘exurbs’.
Blackwell Mills has seen an increase of 1,980% in housing units over the past decade. The population of the once sleepy town has moved from about 500 in 2013 to 10,047 in 2022, and likely to move higher.
Towns like this could be the next boom towns in the U.S. Looking for areas near major tech or job hubs or within driving distance of major metros could provide a great buying opportunity.
* National average rates as of 8/2/2024 are included for educational purposes only and are not advertised rates from Rate.
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