Welcome to this edition of my Saturday Morning Economist, where I'm sharing the latest mortgage market updates, along with additional information and insights that I believe you may find helpful.
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Mortgage Market
March consumer inflation data released Wednesday was higher than anticipated and dominated mortgage market headlines this week. Specifically, it caused economists to move out estimates of the first Fed rate cut from June to September, reduce the number of expected rate cuts in 2024 from three down to two, and resulted in upward pressure on mortgage financing terms. Producer inflation readings released Thursday were slightly lower than expected, which may indicate a welcomed slowdown of future consumer price increases. Concerns of a broadening of the Middle East conflict resulted in a shift to the safety of investments into bond assets Friday, enabling rates to recover some, but terms for all programs ended the week higher.
Next week, I will be closely monitoring consumer sales figures set for release Monday, accompanied by continued guidance from the Fed on future monetary policy and developments in the Middle East conflict for any potential impact on mortgage rates.
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Did You Know?
Topic: NAR Generational Trends Report
Did You Know Millennials have surpassed baby boomers to become the largest group of home buyers, comprising 38% of the overall share of homebuyers? This notable rise is attributed to both younger millennials stepping into homeownership for the first time and older millennials transitioning to larger homes that suit their evolving needs. NAR compiled housing purchase data between July 2022 – June 2023 used in its newly-released Generational Trends Report.
The graph below provides the most up to date breakdown of each generation’s purchase and selling market share:
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Have questions? Contact Karyn to navigate your way into a home and participate in the American Dream!
All The Best,
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