Present Market Conditions

Attributed to Sam Khater, Chief Economist.

“The 30-year fixed-rate mortgage averaged 6.37% this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Recent data points to slightly better conditions for buyers with a boost in new-home sales, median new-home prices being down to their lowest level since July 2021, and higher inventory than in recent years. Together, these trends could modestly ease affordability pressures through the spring homebuying season.”

Expectations

This week will be quite busy with a lot of economic data coming our way. Monday kicks off the week with the Existing Home Sales data. Tuesday brings the release of the CPI. The Consumer Price Index (CPI) is a key indicator that lets us know what is taking place with the inflation trends. Wednesday follows with the Producer Pricing Index (PPI) reports. The PPI is another key inflation report that is being watched closely. Thursday brings the Retail Sales information. The Retail Sales info is always important since consumer spending makes up almost 70% of the economic data in the United States. Thursday finishes up the major reports with the Initial Jobless Claims numbers. Multiple Fed Officials will be speaking throughout this week.

Guidance

It’s a great time to be in the market for a mortgage! You’ll want to make sure you take advantage of this great time to buy!