Understanding the Federal Reserve's upcoming interest rate decisions requires a thorough analysis of recent economic indicators, especially the June 2024 employment report. This data provides a multifaceted picture of the U.S. labor market and may influence the Federal Reserve's adjustment of monetary policy. Will June's jobs report pressure the Fed to cut rates? According to the Department of Labor's Bureau of Labor Statistics, the June 2024 jobs report showed the U.S. economy added 206,000 jobs, beating Dow Jones's forecast but falling short of the downwardly revised 272,000 in May. The unemployment rate also rose to 4.1%, the highest level since…
Author: Private Lending Agent
The June jobs report revealed a healthy increase of 206,000 jobs, but also suggested a significant cooling in the labor market. “This is a very good jobs report if you're hoping the Fed will start cutting rates,” said Greg McBride of Bankrate.com. June job gains beat expectations but were down from May. The unemployment rate rose to 4.1%, the first time it's reached that level since 2021. Wage growth was at a three-year low. “This is really consistent with the Fed's ability to cut rates as soon as September, as long as inflation remains cooperative,” McBride said. Inflation has come…
Today on Wealth!, host Brad Smith tackles the top trends in the housing market, job market, and retirement saving strategies.The show kicks off with a recap of the June jobs report, which revealed an addition of 206,000 nonfarm payroll jobs to the US economy. Yahoo Finance reporter Ines Ferré joins to dissect wage growth data and its implications for ongoing inflation trends. Following this, ZipRecruiter’s chief economist Julia Pollak offers insights into the sectors currently attracting the most job interest.Shifting gears, the program addresses the recent uptick in mortgage rates, marking the first increase since the week of May 30.…
According to a report by Redfin, June housing market data showed a mix of good and bad news for prospective homebuyers, as home prices hit new record highs while monthly mortgage payments fell. U.S. home prices hit a record high in June, with the median home sale price hitting $397,954, the biggest increase since March, as real estate agents reported a 5% drop in pending sales.This new record has put home buying further out of reach for many potential homebuyers, a trend that's unlikely to change through the end of 2024, according to the First American Data & Analytics Real…
As we approach July 2024, financial markets are abuzz with speculation about the next Federal Reserve interest rate change. While the Fed has kept interest rates steady in recent months, interest is growing as to the timing and size of the next rate hike. This article delves into the latest analysis, expert opinions, and key data to forecast upcoming Federal Reserve interest rate changes. When is the next Fed rate hike expected? First, it is important to understand the current interest rate environment. According to the latest FOMC (Federal Open Market Committee) meeting held on June 11-12, 2024, the Fed…
By Calculated Risk 2024/07/05 13:55:00 What this means: Every week, Realtor.com reports the year-over-year change in active inventory and new listings. Monthly, it reports total inventory. In April, Realtor.com reported that inventory was up 35.2% year-over-year, but it's still down about 34% compared to April 2017 to April 2019 levels. On a weekly basis, inventory is currently up 38.1% year over year.Realtor.com has monthly and weekly data on the existing housing market. Here is their weekly report: Weekly Housing Trends View – Data for the week ending June 29, 2024• Active home inventory for sale increased 38.1% year over year,…
The housing industry is in limbo. Existing home sales fell to their lowest level in nearly 30 years last year as no one was selling or buying homes. This was the result of a lock-in effect and reduced demand, the former as mortgage rates soared from pandemic-era historic lows and the latter as home prices soared along with borrowing costs. The expectation was that things would get better this year, and in some ways they have, but the housing market remains sluggish, making “an imminent recovery unlikely if mortgage rates rise above 6.5% this year as we expect,” Thomas Ryan…
Fixed mortgage lending fell in June as the housing market suffered a widespread downturn, according to a new report.Mortgage Capital Trading said in its latest report that interest rate fixes were down 7.84% compared to May, although year-on-year volumes were up 6.11%. Among loan categories, purchase-fixed fell 8.99%. Meanwhile, in the refinance market, rate and term transactions increased 11.56%, but cash-outs fell 0.36% from May to June. The latest figures come after locked volumes rose 6.78% in the previous month, with increases recorded across all loan types, after interest rates hit a 2024 high in early May before falling since.…
A new survey from Real Estate Witch found that homeowners spend an average of $17,958 a year on home-related expenses like maintenance, taxes, utilities and other fees, in addition to mortgage principal and interest payments.Home prices aren't the only housing expense that's rising: The non-mortgage costs of owning and maintaining a home will take up a larger share of homeowners' budgets by 2024. The data comes from a February survey of 1,000 U.S. homeowners by real estate education platform Real Estate Witch.Nearly 88% of homeowners surveyed said they expected costs approaching $10,000 per year but learned firsthand that the actual…
The Mortgage Bankers Association (MBA) detailed its reasons this week for opposing a bill recently signed into law by Florida Governor Ron DeSantis that aims to “expand the number of projects eligible for Residential Property Assessed Clean Energy (PACE) financing.” Florida Senate Bill SB-770 would authorize local and county agencies across the state to create loan programs for home and other real property improvements, including energy efficiency upgrades and renewable energy installations that are funded through appraisals not based on the property’s value. However, the bill as signed gives PACE liens a first lien over any existing mortgages that may…