Weekly Market Update

The economy is showing signs of resilience, and while there’s still some uncertainty, there’s plenty of reason to be optimistic. Mortgage rates have remained stable, which reflects the market’s cautious optimism as investors wait for more clarity on economic conditions. The labor market is holding steady, with low jobless claims signaling strength, even as the rise in continuing claims suggests companies are maintaining their current workforce without aggressive layoffs. It’s a sign of stability with potential for future growth.

Although Consumer Confidence dipped by 6.8%, it’s important to remember that sentiment can fluctuate, and there are still positive underlying trends, such as the uptick in retail sales. While part of that may reflect higher prices, it also suggests that consumer demand is holding steady despite inflationary pressures.

Looking ahead, the upcoming ISM indexes and PCE data are key, and they have the potential to keep the positive momentum going. If the manufacturing index rises above 50, it could signal solid economic growth, which could bring even more stability to mortgage rates. At the same time, any signs of inflation easing from the PCE data would be a big win, helping to maintain the current favorable environment for borrowing.

With all this in mind, it looks like the Fed is likely to stay on course for now, continuing to monitor data before making any changes. This could mean continued stability for the housing market and mortgage rates in the near term.

If you, or anyone you know, is interested in obtaining mortgage financing, reach out to my team today at 541-815-6590. We're here to help you navigate this market and find the best financing options!