Where did the mortgage market & housing market end last week?
The mortgage rate market was up for the week, even going as high as 6.7% for a 30-year fixed mortgage, and up over 3% since the start of the year. The housing market appears to have started cooling, but it’s unclear how long and how cool it’s going to get.
Overall, markets were spooked by recession fears and ended down almost across the board with the Dow Jones Industrial Average ended the session down over 400 points. The DJIA ended the week down over 1,200 points.
What’s ahead for this week?
While there isn’t a single major event scheduled like last week, there are several batches of new data coming out almost every day this week. Key updates that have the potential to impact the mortgage or housing industries are as follows:
Monday, Sept 26
Presidents of the Boston, Atlanta, Dallas & Cleveland Federal Reserve Banks will speak throughout the day.
Tuesday, Sept 27
St. Louis, San Francisco & Chicago Fed Presidents will speak
Fed Chair Jerome Powell will deliver a speech on digital finance
FHFA U.S. home price index (SAAR)
S&P Case Schiller U.S. home price index (SAAR)
New home sales (SAAR)
Consumer Confidence Index
Wednesday, Sept 28
Atlanta & Chicago Fed Presidents speak
Pending home sales index
Remarks from Fed Chair Jerome Powell & Fed Gov. Michelle Bowman speaking on bank competition
Thursday, Sept 29
Initial & continuing jobless claims
GDP product & income revisions (SAAR)
Friday, Sept 30
PCE & Core PCE price index
Real consumer spending & real disposable incomes
UMich consumer sentiment index & 5-year expected inflation
Where is the fastest cooling housing market in the US?
According to a recent study, Seattle has seen its housing market cool off faster than the rest of the country. Rapidly rising home prices in the Seattle metropolitan area have lead to a decline in median home prices.
Keep in mind that the median home price in Seattle has dropped from over $800,000 in the spring to $774,950 in August 2022, according to the study. This is looking more like a correction for an overbaked market than a sudden drop in prices. The median home price in Seattle was only $620,009 in January 2021.
Other markets highlighted by the report were San Jose, San Diego, Sacramento, Denver, and Las Vegas.
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