Housing Market Update | Week of July 22
Published: July 22, 2024
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Housing Market Update | Week of July 22
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This week has some big pieces of data that could drive mortgage rate movements. On Thursday, we’ll get a glimpse into the economy with our Q2 GDP reading, and on Friday we get the Personal Consumption Expenditures (PCE) price index, which is the Federal Reserve’s favorite measuring stick for inflation. While we’re not expecting this data to impact the Fed’s decision in their July meeting, it could solidify the expected rate cut during its next meeting in September.
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Last Week's Mortgage Rate Recap
Rates Were Steady
Last week, we didn’t see rates move much. Initial jobless claims rose at the end of the week, which added further confidence in the possibility of a rate cut in September. This week’s inflation data, which we’ll divulge further as we look towards the week ahead, could make that rate cut all but guaranteed if the figures fall in line with expectations.
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This Week's Mortgage Rate Forecast
Rates Could Drop
We have a big week of news ahead with Q2 GDP, initial jobless claims, and the all-important PCE report coming in the second half of the week. Currently, the 10-year is trading at 4.22%. With some positive inflation data, we could see yields break below 4.17% which would see rates drop further. Any major movements will be expected at the end of the week as the market prepares for and reacts to Friday’s PCE inflation report.
Currently, many homebuyers want to keep their current residence to convert into a rental property as they shop for their next home. Depending on the loan type, there are a few factors that are required to use rental income from that existing property to qualify for a new loan. My team created this co-branded flyer to provide clarity on the different circumstances required to qualify. Take a look at the flyer here and feel free to reach out if you’d like me to co-brand it with your contact info before sharing with any prospective buyers you’re working with!