Which events may impact the market this week?
The following announcements, events, and reports may have an impact on the financial markets or the mortgage sector this week:
Monday, June 3rd
S&P flash U.S. manufacturing PMI – May 2024
Construction spending – April 2024
ISM manufacturing – May 2024
Auto sales – May 2024
Tuesday, June 4th
Factory orders – April 2024
Job openings – April 2024
Wednesday, June 5th
ADP employment – May 2024
ISM services – May 2024
U.S. productivity (final revision) – Q1 2024
U.S. trade deficit – April 2024
S&P flash U.S. services PMI – May 2024
Thursday, June 6th
Initial jobless claims – Week of June 1st
Friday, June 7th
Consumer credit – May 2024
Wholesale inventories – April 2024
U.S. employment report – May 2024
U.S. unemployment rate – May 2024
U.S. hourly wages – May 2024 & year-over-year
Where did mortgage rates end last week?
The national average rate for a 30-year, fixed-rate mortgage ended Friday down 0.12% to 7.17%* on Friday.
Core PCE data came in as expected and bond traders reacted positively to a report that matched what they were told they would see. The current market sentiment is that this week’s jobs and productivity data will likely provide a clearer direction. We’ll have to take a wait and see approach until the next round of data points comes out.
Which markets have real estate experts predicting a drop?
A recent article from The Hill looked into housing market data, and surveyed experts to better understand which markets are due for a correction in price.
The majority of the markets that may see a price drop by Spring 2025 are mostly in the Sun Belt with only one outlier in the Pacific Northwest making the top five.
The Palm Bay-Melbourne-Titusville market in Florida claimed the top spot on the list, and the Deltona-Dayton Beach-Ormond Beach metro area was fourth. Spokane-Spokane Valley in Washington was the only non-Sun Belt metro area to make this top five. Spokane came in third overall.
CoreLogic’s analysts rated the level of risk for the metro areas in the top five as greater than 70%. According to the report, they’re expecting home price growth to slow nationwide, but have identified these areas as most likely for a price drop.
* National average rates accurate as of 5/31/24 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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