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Housing Market Update | Week of June 10th

June 10, 2024

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Housing Market Update | Week of June 10th

The Bureau of Labor Statistics jobs report last Friday reported 272,000 jobs added in May, which heavily exceeded expectations. This week, we have more pivotal market data coming with the Federal Reserve wrapping their June meeting this Wednesday as well as the CPI and PPI inflation reports sprinkled throughout the week. Expect rates to be volatile.

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Last Week's Mortgage Rate Recap: Rates Dropped Slightly

Rates are down slightly to start the week, but the prospects of a significant dip took a hit when the BLS jobs report came in a lot higher than expected on Friday. The Federal Reserve has cited weakness in the labor market as a leading factor in causing a rate cut this year; while the labor market has gotten softer throughout the year, there’s still a way to go before we can expect the Fed to cut rates.

This Week's Mortgage Rate Forecast: Rates Could be Volatile

This Wednesday is going to be a big day for the housing market. The May CPI inflation report will be released on Wednesday morning and the Federal Reserve will wrap its June Fed Meeting on Wednesday afternoon. With the apparent strength of the job market, the Fed will be closely watching inflation figures to see if it matches this recent trend.

Next Monday, we’re going to share a live presentation recapping the Fed meeting and offering insight into the ways that their decisions will shape the housing market through the rest of the summer. You can watch this special-edition Monday Market Update and all our Monday Market Updates right here every Monday at 11:30am ET on the UMortgage YouTube channel.

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The Bureau of Labor Statistics jobs report last Friday reported 272,000 jobs added in May, which heavily exceeded expectations. This week, we have more pivotal market data coming with the Federal Reserve wrapping their June meeting this Wednesday as well as the CPI and PPI inflation reports sprinkled throughout the week. Expect rates to be volatile. Last Week's Mortgage Rate Recap: Rates Dropped Slightly Rates are down slightly to start the week, but the prospects of a significant dip took a hit when the BLS jobs report came in a lot higher than expected on Friday. The Federal Reserve has cited weakness in the labor market as a leading factor in causing a rate cut this year; while the labor market has gotten softer throughout the year, there’s still a way to go before we can expect the Fed to cut rates. This Week's Mortgage Rate Forecast: Rates Could be Volatile This Wednesday is going to be a big day for the housing market. The May CPI inflation report will be released on Wednesday morning and the Federal Reserve will wrap its June Fed Meeting on Wednesday afternoon. With the apparent strength of the job market, the Fed will be closely watching inflation figures to see if it matches this recent trend. Next Monday, we’re going to share a live presentation recapping the Fed meeting and offering insight into the ways that their decisions will shape the housing market through the rest of the summer. You can watch this special-edition Monday Market Update and all our Monday Market Updates right here every Monday at 11:30am ET on the UMortgage YouTube channel.
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