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Market Update - June 14, 2024

Friday, June 14, 2024

This Market Update is written by our Capital Market specialists each week to bring you insight into what's happening in the market and how it may affect mortgage rates and real estate trends.

Rates are provided by Housing Wire in conjunction with Polly. Rates are updated in real-time. Polly data is calculated using actual locked rates. Rates are inclusive of locks that occur below par, at par and therefore consider discounts and rebates.

Market Commentary:

For the week of June 7th to June 13th, interest rates improved after yesterday's Consumer Price Index (CPI) numbers showing inflation is slowing. In addition, the Federal Reserve Chair indicated inflation is more under control and there's a possibility of at least one rate cut in 2024. June 13th Producer Price Index (PPI) numbers support the economy is slowing resulting in a further rally in the Bond market resulting in rates trending down.

Fed Watch: Target rate (in bps) possibilities, according to the CME Group:

Market Review: Optimal Blue's Production Metrics:

Consumer Credit

Pre-Covid, consumer credit grew by $15 billion/month and remained that way through 12/21. During CY2022, consumer credit growth jumped to $30 billion/month, but since 1/23 growth has steadily weakened and is now about $5 billion/month. Moreover, credit card balances declined by $462 million in April, the first decline in three years, evidence of strain on low- and middle-income households who rely more on plastic and less on their portfolio. - Elliot Eisenberg, Ph.D. , Economist

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Kyle Albornoz
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