As mortgage rates hit a 22-year high and existing homeowners continue to stay in their homes, new single family home sales hit a 17-month high in July, according to HUD and U.S. Census Bureau data. Last month’s data recorded a seasonally adjusted annual rate of 714,000 new single-family home sales, up 4.4% from the revised … Read More
As anticipated, Chairman Powell maintained a rather hawkish tone Friday afternoon, citing unexpected economic strength in the third quarter as reason to stay vigilant on inflation. “We are attentive to signs that the economy may not be cooling as expected.” Powell said. The Fed, Powell said, is “prepared to raise rates further if appropriate and intend to hold policy … Read More
Gate House Partner and Vice Chairman Hunter Kurtz spoke at the the Millennial Action Project’s Future Summit 2023 in Indianapolis, Indiana on August 10, addressing the gathering of Gen Z and millennial state legislators about solutions to the nation’s affordable housing crisis. Hunter previously served as HUD’s Assistant Secretary for Public and Indian Housing, overseeing the nation’s public housing, Section 8 … Read More
Eyes will be on inflation data coming out this week. The news on that front has been trending positive and suggests the Fed is nearing the end of the rate hiking cycle. As we’ve been discussing here, the second quarter was strong and the third quarter appears to be holding up on the consumer front as well, as the jobs market … Read More
With U.S. 30-year fixed mortgage rates touching an average of 6.81% this week, the highest yet for 2023 according to Freddie Mac’s mortgage market survey, and despite tightening credit and signs consumers are already pulling back, low unemployment is creating the likelihood consumers can and will continue to spend over the next two quarters, keeping the prospect of … Read More
We are awaiting the Fed Board’s decision on interest rates Wednesday afternoon, when they are expected to pause, albeit with a hawkish tone, signaling they may not be done with rate hikes this year, and in fact lean toward keeping rates higher for longer to quell lingering inflation, before deciding to go lower late in the year. As we’ve … Read More
Activity at the Fed’s discount window and the Bank Term Lending Program rose in the past week, with banks borrowing $73 billion from the window and $82 billion from the program, up slightly and continuing to stay at high levels. With the seizure of First Republic Bank over the weekend and JPMorgan picking it up early … Read More
