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
The economic reporting schedule was light, and the mortgage market was stable this week. The labor market remains solid but weekly jobless claims were higher than expected a second consecutive week. Consumer sentiment released Friday slumped as survey respondents expressed concerns over future inflation, unemployment, and interest rates. Consumer spending has been strong this year so monthly retail sales reports will be closely analyzed to see if this decrease in confidence curbs spending, thereby reducing some demand-based inflationary pressure. Overall, rates for most programs ended the same as last week.
With inflation significantly influencing current Fed monetary policy, next week I will be closely monitoring both producer and consumer inflation readings being released Monday and Wednesday for any potential impact on mortgage rates.
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Did You Know?
Topic: U.S. Home Price Growth by Decade
Did You Know Through the first 50 months of the 2020s-decade, US home prices are up 47.1%? This already surpasses the total national appreciation witnessed throughout both the 1990s and 2010s decades.
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In the short term it is hard to predict appreciation rates but this data spanning over three decades is significant, particularly since housing demand, even with elevated rates, significantly surpasses available supply which indicates continued appreciation.
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Stay informed and ahead of the curve! Keep an eye on next week's economic data releases and their potential impact on mortgage rates. If you have any questions, please do not hesitate to reach out!
All The Best,
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Notice: Atlantic Coast Mortgage, LLC is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA, or the Federal or State Government. Eligibility for all applicants cannot be guaranteed. Advertised programs, guidelines, rates, and fees are subject to change without prior notification. This is an advertisement and is not a commitment to lend. This e-mail message and any attachments may contain trade secrets or proprietary, confidential, or privileged information about or relating to Atlantic Coast Mortgage, LLC (ACM). If you are not the intended recipient of this email, then you are prohibited from using, distributing, forwarding, or reproducing it. If you have received this email in error, please immediately notify ACM and delete this email, and any attachments, from your computer system. Certain views and opinions expressed in this email, and any attachments, may be personal to the sender and not necessarily reflective of the views of ACM. Atlantic Coast Mortgage, LLC is an Equal Housing Lender | 4097 Monument Corner Drive, Suite 600, Fairfax, VA 22030 | Company NMLS ID 643114 (www.nmlsconsumeraccess.org).
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