What does the financial calendar look like this week?
The following events, announcements and reports have the potential to impact the financial sector or the mortgage market this week:
Monday, November 6th
Fed Gov. Cook speaks
Federal Reserve senior loan survey – Oct 2023
Tuesday, November 7th
U.S. trade deficit – Sept 2023
Fed Vice Chair for Supervision Barr speaks
Fed Gov. Waller speaks
Consumer Credit – Sept 2023
Wednesday, November 8th
Fed Gov. Cook speaks
Fed Chair Powell delivers opening remarks at IMF
Wholesale inventories – Sept 2023
Fed Vice Chair for Supervision Barr speaks
Fed Vice Chair Jefferson speaks
Thursday, November 9th
Initial jobless claims – week of Nov. 4th
Fed Chair Jerome Powell on panel at IMF
Friday, November 10th
Veterans Day Holiday, no events scheduled
Where did mortgage rates end last week?
The national average for a 30-year, fixed rate mortgage ended Friday’s session down 0.13% to 7.38%*. The market reacted to a weaker than expected jobs report and a stronger than expected bond market. If data continues to trend as it has, 8.0% may be the high point for the market cycle. However, if there are unexpected data points, it may push mortgage rates back towards their highs.
The Fed speeches scheduled for this week are likely to impact the direction the bond market goes, and that will likely affect which direction mortgage rates head.
Is it possible to find a log cabin for less than $300k?
You absolutely can find the log cabin you’ve always wanted for less than $300,000. It just depends on where you want to live. The team at Realtor.com has searched through the listings and found multiple cute and comfy log cabins all priced at less than $300k.
The first home on the list is located in rural Waynesboro, TN, and is priced at $260,000. The home comes with 2,400 sq. ft. of living space including a partially finished basement. The rustic interior offers hardwood floors, vaulted ceilings, a cozy loft, and a screened back deck.
One of the most unique homes that made the list was a cabin in Coventry, VT. This home comes with 10 acres of land and 200 maple syrup taps that feed into collection tanks. The property is set up to allow you to harvest and make your own syrup.
The home also offers wood floors, ceilings, and walls. A wood stove provides heat in the living room, and a spacious deck and loft area adds move space on the second level.
* National average rates accurate as of 11/3/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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