The Federal Reserve Pauses Rate Hikes
On March 17, 2022, the Federal Reserve commenced a series of interest rate hikes as part of its monetary policy. However, this week, the Federal Reserve decided to temporarily halt the rate increases, making the first pause since the initial implementation. According to the consensus among prominent economists, it is widely believed that the Federal Reserve has completed its tightening cycle for the current year. Furthermore, many experts opine that the Federal Reserve may have potentially exceeded the necessary rate hikes and could find it necessary to initiate a reduction in interest rates in the upcoming year.
The Current 30-year Mortgage Rates Are Around 6.7%
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Union Home Mortgage
Tom LaMaida
New Construction Housing Market
Lennar Home Builders one of the nation's biggest builders reported earnings last night and said this about the current housing market:
- Lennar said new home orders rose 0.5% year over year to 17,885, above the 16,501 purchase contracts the company was forecast to sign.
- "We accelerated our starts in Q2, recognizing the market opportunity where the industry was pulling back," Jonathan Jaffe, Lennar's co-CEO, said on the earnings call.
- Lennar raised its full-year guidance to deliver between 68,000 and 70,000 homes, up from its previous forecast of 62,000 and 66,000 units, signaling a new level of confidence in the new home market.
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Stock Market
Markets as of 7-16-2023:
- S&P 500 is at a 52-week high and up 13.88% Year To Date
- Nasdaq is at a 52-week high and up 35.14% Year to Date
- Dow Jones is at a 52-week high and up 3.8% Year To Date
Best Places to Live in Florida in 2023-2024
- Sarasota, FL is the best place to live in Florida
- Naples, FL
- Melbourne, FL
- Jacksonville, FL
- Tampa, FL
