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January 5, 2024
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January 5, 2024
A Positive Week and Robust Start to 2024!
Market Update
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We hope you had a fantastic week and are settling back into the routine for an exciting year ahead!
In the realm of mortgage rates, there was a slight uptick this week. Perhaps Wall Street traders weren't thrilled about returning to work post-holidays! Despite the minor fluctuations, rates have generally remained stable, hovering around the 6.75% mark since mid-December.
The highlight of the week was the release of crucial job numbers. Although the headline figures seemed positive – as often reported by the media – a closer look reveals several downward revisions to previous reports and a notable number of individuals exiting the labor force.
While the reported unemployment rate stands at an encouraging 3.74%, factoring in those who have given up on job searches puts the actual unemployment rate at over 4.1%. It's a reminder that interpreting these numbers can be nuanced.
The emphasis on job statistics is linked to how the Federal Reserve views the job market's impact on inflation, which is considered the adversary of mortgage rates. Furthermore, the drop in average hours worked signifies another facet of job losses. It might take a few days for Wall Street to fully process this data.
On the topic of inflation, the Consumer Price Index is set to be released next week. We’re not anticipating any surprises and foresee a gradual decline in rates.
An encouraging development this week was the 6-month look at core inflation. The Federal Reserve closely monitors this to determine if additional adjustments to the Fed Funds rate are necessary. With an annualized inflation rate of 1.85% – below the Fed's target of 2% – this brings positive news.
Summing it up, it was a positive week and a robust start to 2024.
Looking ahead, if there's a specific topic you'd like us to delve into more deeply, please share your feedback. We understand that affordability is a major concern, and we're here to assist you in navigating any challenges with your clients!
Send your topics and feedback to team@gaylordhansen.com!
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The information contained is the viewpoint of the presenter(s). Individuals should consult their own financial representative.
Estimated Mortgage Payment is for exemplary purposes only. Contact a licensed loan officer for exact numbers and APR. Additional rates and terms may apply and are subject to change without notice. Loan scenario assumes a purchase price of Zillow's list price and a 10% down payment. Points and fees not included. Property tax, homeowners insurance, mortgage insurance, and HOA fees are approximate and may vary. Other fees may apply. Product displayed is a conventional 30-year fixed rate mortgage using the current average rate as shown on Mortgage News Daily (mortgagenewsdaily.com).
Estimated Qualifying Income assumes a homebuyer has a FICO score above 740, no other credit debt, and a debt-to-income (DTI) ratio of 43%.
For exact numbers and APR or to run a loan scenario based on your own credit and income, contact our office at (858) 259-8700.
Rate Source: Mortgage News Daily. Rates displayed are approximate, subject to change, and do not necessarily reflect rates available to you. MND’s methods involve an objective component based on lenders' raw prices as well as a subjective impression from their network of originators. For more information about how these rates are calculated, visit www.mortgagenewsdaily.com/mortgage-rates/about.
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