The MartiniFactor provides a glimpse of what happened last week in real estate and in the mortgage arena.  In addition, it shares thoughts on what to keep on the radar for the week ahead.

last week (4/1/2022) & this week (4/8/2022)

LAST WEEK

Employment Data

On Friday, April 1, 2022, we learned that 431,000 jobs were created in March of 2022. The market was expecting 500,000 jobs however there were upward revisions to the January and February reports which made up for the miss and confirmed that hob creation was strong.

Inflation 

This past week we saw data on Personal Consumption Expenditures (PCE). The PCE is the Fed’s favorite measure of inflation.  The headline number indicated that inflation is on the rise since it rose 0.6% in February. Year-over-year the PCE increased from 6% to 6.4% which is the highest level in 40 years.  Core PCE strips out volatile energy and foods prices  and that was up 0.4%…year-over-year, Core PCE increased from 5.2 to 5.4%

 The nemesis to mortgage rates in Raleigh is inflation. 

Raleigh Mortgage Lender & Certified Mortgage Advisor Kevin Martini

Housing News

The Case-Schiller Home Price Index, which measures the changes in sales prices of single-family homes certain markets showed a home prices increased 1.1% in January and 19.2% year-over-year.  The Federal Housing Finance Agency (FHFA), measures home price appreciation on single-family homes with conventional (a.k.a. conforming) loans rose 1.6% in January and 18.2% year-over-year.

THINGS ON THE MARTINI MORTGAGE GROUP RADAR THIS WEEK

The economic calendar is relatively quiet this week after last week’s wealth of data. Many are thinking that the Federal Reserve could move interest rates significantly higher than the markets currently expect. The Martini Mortgage Group will be  paying close attention to the minutes from last month’s Federal Reserve monetary policy meeting, scheduled for release this Wednesday. 

Raleigh mortgage rates have already increased by more than 1% since the beginning of the year. Even so, the market may take a little break from the recent volatility due to a relatively quiet economic calendar this week. That doesn’t mean the volatility is over.  

The Martini Mortgage Group Bottom Line

Right now, real estate and the current mortgage rate environment remains an opportunity. The Martini Mortgage Group is here to talk about what you have just read and here to help you on the path to buying you home. Contact the Martini Mortgage Group by dialing (919) 238-4934.

Kevin Martini | NMLS 143962 | Certified Mortgage Advisor and Producing Branch Manager | Martini Mortgage Group at PCL Financial Group (powered by Celebrity Home Loans, LLC NMLS 227765) | 507 N Blount St Raleigh, NC 27604 | (919) 238-4934 | www.MartiniMortgageGroup.com | [email protected] | nmlsconsumeraccess.org | Equal Housing Lender