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Home prices are going up across the country after slowing for more than a year, according to a new report from data and analytics company Black Knight.

The report found that nationally, home prices in June rose by 0.67% month-over-month on a seasonally adjusted basis. Meanwhile, the annual home price increase was 0.8% in June, up from just 0.2% in May. 

Calling the June price increase an inflection point, Black Knight Vice President of Enterprise Research Andy Walden said the rate of home price increases would have a “lagging, but significant impact on the annual rate of appreciation.” 

Month-over-month, home prices increased in more than 60% of markets, with notable exceptions in Austin and San Antonio, where prices declined month to month in June on a seasonally adjusted basis. The strongest price growth was in Hartford (+1.2%), Seattle (+1.2%) and San Jose (+1.2%). 

“At the national level, home prices have now fully erased their 2022 corrections hitting new all-time highs in June on both seasonally adjusted and non-seasonally adjusted bases,” the report said.

Annual growth was strongest in the Midwest and Northeast markets, while West Coast and pandemic boom markets continue to see prices run below last year’s levels. Milwaukee (+6.4%), Cincinnati (+5.7%), and Philadelphia (+5.6%) are more than 5% above last year’s price peaks, with a handful of Midwest and Northeast markets, including Kansas City, Virginia Beach, Richmond, Baltimore, Providence, St. Louis and Chicago up more than 4%.

Rising home prices also boosted homeowner equity levels. The average mortgage holder now has $199,000 in equity, up from $185,000 in the first quarter, but down from $207,000 at the same time last year. Strong equity positions are one element of today’s historically strong mortgage performance, the report said.

The June report also quantifies the savings during the last big wave of refinance activity. Existing homeowners who have benefitted from $42 billion in cumulative savings through refinancing in the past three years are now also benefiting from strong income growth, according to Black Knight. Existing homeowners need 21% of the median household income to make the average monthly principal and interest payment, compared to more than 36% for prospective homebuyers in today’s market. 

Low interest rates locked in during the pandemic are keeping payments down for existing homeowners and contributing to low delinquency levels. Meanwhile, owing to high interest rates, affordability for prospective homebuyers is at near 37-year lows. 

For existing homeowners, the relatively low share of income required to meet mortgage obligations along with the strong credit quality are contributing to a 16-year low in seriously delinquent mortgages, the report said.

Source: housingwire.com

Apache is functioning normally

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Recently, a younger business owner client of mine was inquiring about purchasing a term life insurance policy.

A term life policy makes total sense for his situation, but what he also wanted to give it a twist.  In addition to a 30-year term life policy, he wanted to add what’s called a return of premium rider.

For those that are not familiar, the return of premium rider allows the policyholder to get a full refund of all the premiums paid at the end of the contract.

At first, it sounds like a pretty good deal.  The most common complaint that consumers have with life insurance is that if you don’t die, all the money goes directly to the life insurance company.  If this is the case, then purchasing the return of premium rider seems totally worth it.

Cost of Return of Premium Rider

At first glance, the return of premium rider seems like a no-brainer.  One piece of information that you need to know is that the rider comes with a price.  The ROP rider on average will run 20%-40% higher than purchase a policy without it.  In addition, you have to keep the policy for the entire contract period to get a full refund of your premium.  So then the question remains, does it make sense to pay more for the rider since you know you’re getting all your premiums back?  Let’s take a closer look….

ROP Rider vs. Regular Term Insurance

To illustrate the cost difference between purchasing regular term insurance vs. one with the ROP ride, here are some life insurance quotes that I ran. In our scenario, I am using a 30-year-old male, assuming he is in excellent health. We are going to get a quote on a 30-year term life policy with a $1,000,000 face value.   Without the ROP rider, the annual premium will cost approximately, $720 per year for a total of $21,6000 premiums paid over the 30 year period. By adding the ROP rider, the premium jumps to $1,180 per year, for a total outlay of $35,400. That’s a total difference of $13,800 premiums paid ($460 per year) or a 63.88% increase.

Invest the Difference

Since I’m a firm believer of long term investing, my initial argument would say, go without the ROP rider and invest the difference.  Let’s see how my theory holds up.   If we take the difference of $460 per year and invest it and average 6% over the 30 year period, it looks something like this:

By averaging 6% return, you will have accumulated $36,366 over the 30 year period.  Subtract the $21,600 you paid in premiums over that period and your net amount is $14,766.  As you can see in this example, purchasing the ROP rider seems to make sense.  Hmmm…..Gets you thinking, right?  Now let’s see if we average 8% return:

If we are able to average 8% return over that same period, we accumulate a total of $52,110 and after subtracting the premiums were left with $30,500.   Compare that to the $35,400 we would get back with the ROP rider, and we’re still in the red.   If we can average closer to 10% return, then we have a greater chance for the normal policy to be more economically viable.

One major thing to consider is that the money returned to you with the ROP is not inflated for inflation.  As you can imagine, $35,400 today will not get you as far 30 years from now.

Few More Considerations

I have to admit that the outcome of the scenarios I ran were different than what I predicted.  What we have to keep in mind is that when I analyzed the cost differential, we are relying on a few big assumptions:

  1. That the person can afford to pay the higher premium.
  2. The person will keep the policy for the entire 30 year period.
  3. The cost of insurance won’t decrease.

This and other variables would have a dramatic impact on the long term results of this scenario.

When Does Purchasing ROP Rider Make Sense?

Typically, you wouldn’t purchase ROP on such a long term policy.  Where it is more common is term polices 10 to 15 year in length.   You usually see this being used in buy/sell agreements between business partners where each partner buys insurance on the other’s life.   With such a shorter time horizon, the ROP makes more economic sense.

Disclaimer: I have purchased 3 term life policies and never have opted for the return of premium rider.

What about you?  Have you purchased a term life policy with a ROP rider?

For more information, check out other types of life insurance.

About the Author

Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. He was a financial planner for 16+ years having founded, Alliance Wealth Management, a SEC Registered Investment Advisory firm, before selling it to focus on his passion – educating the masses on the importance of financial freedom through this blog, his podcast, and YouTube channel.

Jeff holds a Bachelors in Science in Finance and minor in Accounting from Southern Illinois University – Carbondale. In addition to his CFP® designation, he also earned the marks of AAMS® – Accredited Asset Management Specialist – and CRPC® – Chartered Retirement Planning Counselor.

While a practicing financial advisor, Jeff was named to Investopedia’s distinguished list of Top 100 advisors (as high as #6) multiple times and CNBC’s Digital Advisory Council.

Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.

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National mortgage rates increased for all types of loans compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans rose.

After increasing interest rates at 10 consecutive meetings in 2022 and 2023, the Federal Reserve finally paused at its June 14 meeting — only to resume July 26, with a one-quarter percentage point increase.

The headline inflation number has fallen to 3 percent, near the Fed’s official goal of 2 percent, and housing economists say the end is near for the central bank’s intense fight against inflation.

“We do expect mortgage rates to trend down once the [Federal Open Market Committee] clearly signals that they have reached the peak for this cycle, as the reduction in uncertainty with respect to the direction of rates should narrow the spread of mortgage rates relative to Treasury benchmarks,” says Mike Fratantoni, chief economist at the Mortgage Bankers Association.

Rates last updated on August 7, 2023.

The rates listed above are averages based on the assumptions shown here. Actual rates displayed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Monday, August 7th, 2023 at 7:30 a.m.

You can save thousands of dollars over the life of your mortgage by getting multiple offers. Comparing mortgage offers from multiple lenders is always a smart move, but shopping around grew especially critical during the interest rate run-up of 2022, according to research by mortgage giant Freddie Mac. It found the payoff for bargain-huntng borrowers doubled last year.

“All too often, some homeowners take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”

Mortgage rates

30-year fixed-rate mortgage climbs, +0.11%

The average rate you’ll pay for a 30-year fixed mortgage is 7.38 percent, an increase of 11 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 7.37 percent.

At the current average rate, you’ll pay a combined $691.02 per month in principal and interest for every $100k you borrow. That’s an additional $7.49 per $100,000 compared to last week.

15-year mortgage increases,+0.07%

The average 15-year fixed-mortgage rate is 6.63 percent, up 7 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $878 per $100,000 borrowed. That may squeeze your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much faster.

5/1 ARM rate climbs, +0.07%

The average rate on a 5/1 adjustable rate mortgage is 6.36 percent, ticking up 7 basis points over the last 7 days.

Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. To put it another way, the interest rate can change periodically throughout the life of the loan, unlike fixed-rate mortgages. These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.

While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.

Monthly payments on a 5/1 ARM at 6.36 percent would cost about $623 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.

Jumbo mortgage rate advances, +0.11%

The average rate you’ll pay for a jumbo mortgage is 7.41 percent, an increase of 11 basis points over the last seven days. This time a month ago, the average rate was below that, at 7.39 percent.

At the current average rate, you’ll pay principal and interest of $693.06 for every $100,000 you borrow. That’s an extra $7.49 compared with last week.

Recap: How interest rates have shifted

  • 30-year fixed mortgage rate: 7.38%, up from 7.27% last week, +0.11
  • 15-year fixed mortgage rate: 6.63%, up from 6.56% last week, +0.07
  • 5/1 ARM mortgage rate: 6.36%, up from 6.29% last week, +0.07
  • Jumbo mortgage rate: 7.41%, up from 7.30% last week, +0.11

Interested in refinancing? See mortgage refinance rates

30-year mortgage refinance stays put

The average 30-year fixed-refinance rate is 7.40 percent, unchanged over the last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 7.44 percent.

At the current average rate, you’ll pay $692.38 per month in principal and interest for every $100,000 you borrow.

Where are mortgage rates headed?

The days of sub-3 percent mortgage interest on the 30-year fixed are behind us, and rates have so far risen beyond 7 percent in 2022.

“Low interest rates were the medicine for economic recovery following the financial crisis, but it was a slow recovery so rates never went up very far,” says McBride. “The rebound in the economy, and especially inflation, in the late pandemic stages has been very pronounced, and we now have a backdrop of mortgage rates rising at the fastest pace in decades.”

Comparing mortgage options

The 30-year fixed-rate mortgage is the most popular option for homeowners, and this type of loan has a number of advantages, including:

  • Lower monthly payment: Compared to a shorter term, such as 15 years, the 30-year mortgage offers lower payments spread over time.
  • Stability: With a 30-year mortgage, you lock in a consistent principal and interest payment. Because of the predictability, you can plan your housing expenses for the long term. Remember: Your monthly housing payment can change if your homeowners insurance and property taxes go up or, less likely, down.
  • Buying power: With lower payments, you can qualify for a larger loan amount and a more expensive home.
  • Flexibility: Lower monthly payments can free up some of your monthly budget for other goals, like saving for emergencies, retirement, college tuition or home repairs and maintenance.
  • Strategic use of debt: Some argue that Americans focus too much on paying down their mortgages rather than adding to their retirement accounts. A 30-year fixed mortgage with a smaller monthly payment can allow you to save more for retirement.

That said, shorter-term loans have gained popularity as rates have been historically low. Although they have higher monthly payments compared to 30-year mortgages, there are some big benefits if you can afford the upfront costs. Shorter-term loans can help you achieve:

  • Greatly reduced interest costs: Because you pay off the loan faster, you’ll be able to pay less interest overall.
  • Lower interest rate: On top of less time for that interest to compound, most lenders price shorter-term mortgages with lower rates.
  • Build equity faster: The faster you pay off your mortgage, the faster you’ll own value in your home outright. That’s especially handy if you want to borrow against your property to fund other spending.
  • Debt-free sooner: A shorter-term mortgage means you’ll own your house free and clear sooner than you would with a longer-term loan.

Keep reading:

Featured lenders for today, August 7, 2023

Source: bankrate.com

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Existing, single-family home sales in California increased 83 percent in February compared to the same period a year earlier, the California Association of Realtors reported today.

“Home sales in California continue to be considerably stronger than the nationwide sales figures,” said C.A.R. President James Liptak, in a release.

“The market will continue to register large, but diminishing year-to-year percentage gains in the coming months, as current sales are compared against the extremely low numbers that prevailed during the early months of the credit crunch.”

The sales pace rose to a seasonally adjusted rate of 620,410 units on an annualized basis, a slight pullback from January, with activity dominated by distressed sales, which would explain the huge decline in median price paid.

The median price fell to $247,590 during the month, down 2.3 percent compared to January, but off a whopping 40.8 percent from $418,260 a year ago.

“The California median home price has declined by a larger margin than the nationwide median price,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.

“This can be attributed to the under $500,000 portion of the market, which has experienced larger price declines than the other market segments due to the large share of distressed homes for sale. This further contributed to the decline in the statewide median.”

Sales were up over 200 percent in the High Desert region, 179 percent in Monterey County, and 150 percent in the Riverside/San Bernardino area, all harder-hit regions.

I suppose the good news is that CAR’s Unsold Inventory Index for existing, single-family homes fell to just 6.5 months, compared with 15.3 months for the same period a year ago, so a good chunk of the overhang is gone.

Unfortunately, all the new distressed properties coming onto the market will continue to work against this, especially those postponed by various moratoria, which likely have no other fate but foreclosure.

The median number of days it took to sell a home last month was 51.5 days, compared with 69.3 days in February 2008.

Source: thetruthaboutmortgage.com

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The cost of living in Minnesota sits within range of the national average, but just below. This affordable state is not only beautiful but an ideal spot for outdoor enthusiasts. From hiking and biking to every kind of water-based activity possible, you’re able to keep busy without setting a foot inside.

Add to that some great cities and small towns, friendly people and delicious food, and you’ve got a state that’s really the complete package.

The question, then, is can you afford to live in Minnesota? To figure that out, it’s best to break down all the elements that make up your total cost of living to see if everything fits into your budget. That means looking at:

Minnesota housing prices

Housing throughout Minnesota varies enough to give you plenty of options when needing to find your most affordable city. With numbers all below the national average, though, it’s not too much of a struggle to locate the perfect place to live in Minnesota.

Mankato

The great thing about Mankato is it feels like a small town, but has all the amenities of something a little bigger. The neighborhoods are cozy, but the city’s parks, rivers and hiking trails provide ample activities year-round. This means hitting your favorite lake to waterski in the summer and then, returning to ice fish in the winter. Home prices are also incredibly affordable at 25.2 percent below the national average.

Both apartment rent and home sale prices are on the more reasonable side in Mankato. The average rent in the city is $1,078, and the median sale price for a home in Mankato is $337,000. Home prices are rising though, up 38.8 percent over last year.

Minneapolis

Though the cost of living in Minneapolis is the highest in Minnesota, home prices here are still below the national average by 6.8 percent. This means there are so many great neighborhoods here to consider as your next home.

Situated right across the river from St. Paul, Minneapolis has amazing food, a great craft beer scene and a strong job market. The city shares many of its professional opportunities with its neighbor and combined, the two cities are home to a large number of Fortune 500 companies.

Rent prices here are also taking a downturn, with one-beds dropping 4 percent and two-beds down by 8 percent. Rent remains reasonable, although more expensive than any other Minnesota city on our list. Your average one-bedroom apartment costs $1,265 per month, and a two-bed apartment goes for an average of $1,595 per month.

Just as in St. Paul, home prices in Minneapolis are rising, but only barely. The median sale price in Minneapolis is $359,900, up 5.9 percent over last year.

St. Cloud

Considered a family-friendly community, St. Cloud offers up a stable economy, small-town comforts and popular events for every age, all year-round. Housing ranges from quaint bungalows to modern lofts with a few historic buildings tossed in there for good measure. What’s even better is that home prices are 17.9 percent below the national average.

This means low rent overall, even though certain units are seeing some serious growth when it comes to price. Although one-bedroom apartments are only up a single percent over last year, two-bedroom prices have increased by 17 percent. However, even with this growth, the average two-bedroom apartment rents for only $927 per month. One-bedroom apartments average out at $704 per month.

Home prices are almost the same, dropping in price only by 0.65 percent over last year. The median home price in St. Cloud is a reasonable $231,000.

St. Paul

As Minnesota’s capital city, St. Paul provides year-round outdoor fun alongside excellent job opportunities and affordable living. With water sports in the summer and skiing and snowboarding in the winter, you’ll always have a reason to get outside. To get a good dose of city life, stroll down Grand Avenue to wander into all the shops and restaurants along this historic strip. All of this is just the tip of the iceberg as to what makes St. Paul special, but even better, home prices are 8.2 percent below the national average.

When it comes to renting an apartment in this perfect town, rent prices are actually going down. Slipping at about the same rate, one-bedrooms saw a 14 percent drop over last year, and two-bedrooms went down by 13 percent. This keeps rent prices at a decent rate. The average one-bedroom apartment rents for $1,270 per month, and a two-bedroom is averaging out at $1,587 per month.

Home prices are going up, but just barely. Prices rose only 4.6 percent over last year. The median home price in St. Paul is $295,900.

Minnesota food prices

The cost of living in Minnesota is relatively reasonable, but food prices are actually on the higher end of the scale. Not every city is above the national average, but a few are.

  • St. Paul is 5 percent below the national average
  • Minneapolis is 2 percent below the national average
  • Mankato is 8.6 percent above the national average
  • St. Cloud is 13.9 percent above the national average

This aligns with shopping trends throughout the state, where the average Minnesotan’s monthly grocery bill is between $233 and $267. Now, what’s on that shopping list definitely impacts price. This can include ingredients to make your own Juicy Lucy or Tater Tot Hotdish. It could also mean splurging on a nice Walleye fillet. Regardless of what’s on your list, it’s good to know that ground beef is the most expensive in St. Cloud, but you’ll get the best deal on potatoes (for tots) in Minneapolis.

Minnesota utility prices

Winters in Minnesota are rough, which means your heater will work hard to keep your home warm and comfortable. The season is below-freezing temperatures and lots of snow. Heavy snowfall happens over a long season, from November to April, and the average number of annual blizzards is two.

Although winter is extreme, summer isn’t too bad. It’s hot and humid, but temperatures linger in the mid-80s. Your AC will run all summer long, but not to as big of an extreme as that winter heater.

As a result of this weather, utility prices can get high, however, overall, you’ll pay about the same as what’s average across the country.

  • Mankato is 3.7 percent below the national average
  • St. Cloud is 3.3 percent below the national average
  • St. Paul is 2.3 percent below the national average
  • Minneapolis is 1.1 percent below the national average

These close averages keep monthly energy bills in a very tight range. On average, expect to pay between $165 and $174 per month.

Minnesota transportation prices

Even with severely cold winters, certain cities in Minnesota are highly walkable. Minneapolis has a walk score of 75, and St. Paul’s is 61. Mankato and St. Cloud aren’t as walkable, but every city has a decent bike score, meaning Minnesota as a whole is pretty bike friendly.

This ability to get around by bike and on foot may positively impact transportation prices, making this particular expense in your cost of living in Minnesota below average. Of course, this isn’t the case everywhere.

  • Mankato is 7.7 percent below the national average
  • St. Cloud is 1.1 percent below the national average
  • St. Paul is 1.5 percent above the national average
  • Minneapolis is 4.8 percent above the national average

Public transportation, and owning your own vehicle, are most likely the two major contributors to your overall transportation expenses. Cars can cost a lot when you factor in maintenance, gas and paying for parking. Public transportation is a way to save a little money, even if you only use the service to commute back and forth to work during the week.

The METRO

Because the two cities are so close together, public transportation for Minneapolis and St. Paul combine through the METRO. The light rail, consisting of a blue line and green line, encompasses both cities. The blue line stays within Minneapolis, but the green line goes across the water.

The METRO also runs plenty of buses, a few rapid transit lines and a commuter rail. Fares vary based on time of day, so you’ll pay more during rush hour, which is from 6-9 a.m. and 3-6:30 p.m. Monday-Friday. Each fare is good for 2.5 hours. For local bus services, the non-rush hour fare is $2, and it’s $2.50 during rush hour. Six-hour passes are also available with a weekday rate of $4.50 and a weekend rate of $4.

The METRO bus also pops up in St. Cloud. Here there are 17 different routes that cross the city with a single-ride fare of $1.25. You can buy a variety of passes, as well from anywhere between $4.25 for a day pass to $47 for a monthly pass.

Mankato Transit

Operating its own transit system, the bus service in Mankato consists of eight routes that cover the entire city. This includes stops at Minnesota State University, Mankato. A single-ride fare is $1.50, but frequent rider passes are available in one-, 15- and 30-day passes. The monthly pass is $40 and is the best deal.

Minnesota healthcare prices

Healthcare prices in Minnesota can get high. Most cities are above the national average, and since this piece of your cost of living can include multiple doctors, there’s no way to know where the big bills will come in. Could it be a doctor’s visit, a trip to urgent care, the dentist or an eye doctor? What about those medications? Hopefully, your medical needs will stay affordable, but where you live could make the difference.

  • Minneapolis is 1.6 percent below the national average
  • St. Paul is 2.2 percent above the national average
  • Mankato is 2.9 percent above the national average
  • St. Cloud is 25.2 percent above the national average

As the most expensive when it comes to an average doctor’s visit, costs in St. Cloud reach $200.13. This is almost $50 more per visit than the least expensive city, Minneapolis. In fact, St. Cloud hits the top for an eye doctor visit and a dentist trip, although the price differentials aren’t as large.

Minnesota goods and services prices

Most cities in Minnesota hit above the national average when it comes to goods and services. These are all the items you put on the monthly budget that you could do without in a pinch. They include social activities, like grabbing a burger with friends, and maintenance tasks, like getting your hair cut.

The more items you have in this category, the higher your cost of living in Minnesota goes. Can you do without any if you had to?

  • Mankato is 4.8 percent below the national average
  • St. Paul is 5.3 percent above the national average
  • Minneapolis is 5.9 percent above the national average
  • St. Cloud is 6.5 percent about the national average

To decide if some budget cuts are necessary, based on these averages, it’s best to look at how much individual goods or services cost in each city. These are a few popular ones.

Although St. Cloud has the highest average when it comes to goods and services, it’s rarely the highest priced individually. Instead, that honor shifts based on what specifically you’re looking for. Minneapolis is the most expensive place to take a yoga class, and St. Paul has the highest haircut prices. When it comes to a burger, you’re going to pay the most in Mankato. Every city has its own pluses and minuses when it comes to pricing out all your bonus activities.

Taxes in Minnesota

Minnesota has a graduated income tax that hits four specific rates based on your income. You’ll either get taxed at 5.35 percent, 7.05 percent, 7.85 percent or 9.85 percent.

Sales tax in the state is a little less complex. Minnesota has a statewide rate of 6.875 percent. Localities are able to add an additional 2 percent to that total. At the maximum, for every $1,000 you spend shopping, $88.75 goes toward taxes.

Most cities don’t max out their sale tax.

  • St. Cloud is 7.625 percent
  • St. Paul and Mankato is 7.875 percent
  • Minneapolis is 8.025 percent

These rates align pretty closely with the average throughout Minnesota. Across the entire state, the combined average sales tax is 7.49 percent.

How much do I need to earn to live in Minnesota?

When analyzing the cost of living in Minnesota, being able to afford rent is at the top of your list. It will most likely be your biggest expense, and one that’s ongoing, at least until you decide to buy a property and pay a mortgage.

To calculate how much you’d need to earn to afford rent, you can refer to the experts. They suggest that 30 percent of your household income goes to this cost. With the average rent in Minnesota being $1,304, you’d need to make at least $52,160 for all the numbers to align.

The good news is the average household income in Minnesota is $74,593, so you’re well on your way to affording an average apartment, or even one with a few extras. To be sure, though, you can plug your specific information into our rent calculator.

Living in Minnesota

With all those lakes and the Mall of Americas, there’s really nothing that isn’t contained within Minnesota. As a great place for business, you can work hard, shop hard and hit nature hard all without going too far from home. What’s even better is that all this is pretty affordable.

The cost of living in Minnesota makes it accessible to most, but in order to figure out if it will work for you, make sure to take a close look at your own budget and must-haves. You may even find your ideal Minnesota city in the process.

Related articles:

The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of August 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.

Source: rent.com

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Rob Chrisman

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Jordan Peele met his famous comedy partner Keegan-Michael Key around 2002 at Second City in Chicago, and eventually performed this classic routine that every air traveler should see. This morning I head to Chicago, and from there to the MMLA event in Mt. Pleasant, Michigan. Given my time with originators last week, the email traffic over the weekend, lenders are very concerned about overcapacity and therefore overhead. On a micro level, staff that may have been held onto “just in case” volume picked up are being reviewed. On a bigger scale, owners of lenders and vendors have seen their values decline and mergers and acquisitions are definitely a topic. The latest example of this is Denver’s Proprietary Capital announcing plans to buy 100 percent of New Jersey’s American Financial Resources (AFR); employees and counterparties were told Friday. And on a macro level, this week the economic calendar features fresh updates on inflation, with both the July Consumer Price Index and the Producer Price Index reports. We also have auctions of three- and 10-year notes and 30-year bonds going off at higher amounts than originally forecast and yields generally on the rise. Lots going on! (Today’s podcast can be found here and is sponsored by SimpleNexus, an nCino Company, developer of mortgage technology uniting the people, systems, and stages of the mortgage process into one seamless, end-to-end solution. Listen to an interview with STRATMOR’s Brett McCracken on how mortgage companies can utilize secret shopping.)

Lender and Broker Software, Products, and Services

For a third year, Surefire℠, Black Knight’s CRM and Mortgage Marketing Engine, was recognized by the Business Intelligence Group’s prestigious Sales and Marketing Technology Awards program. Designed specifically for mortgage lenders, Surefire is distinguished by turnkey automated marketing campaigns and a library of multi-channel creative content that supports borrowers through each step of the homeownership journey. Surefire’s dozens of native integrations with other lending technologies further enables lenders to provide personalized, milestone-based outreach and reduce process redundancies to achieve greater operational efficiency. To learn how Surefire can help your organization win new business, generate repeat business, and earn referrals, schedule a demo today.

Check out this video showing the coolest closing gift ever!

Maximize your profits with discounts and incentives from the industry’s top-tier service providers and investors. Capital Markets Cooperative (CMC) has a proven track record of helping lenders reduce costs with a suite of preferred partners that now include Halcyon, Wintrust, and Certified Credit. With these new partners, CMC can offer their members access to incredible savings on VOI services, warehouse lines of credit from $10-$250 million, and bundled credit score products. CMC is always looking for solutions that give lenders an edge, so join the mortgage cooperative that gets results.

Looking to kick off the MBA Annual Conference in style? Join Lender Toolkit and its co-hosts for the Ultimate Independence Block Party being held the evening of Sunday, Oct. 15 at Philadelphia’s famous SPIN ping pong and social club. Enjoy networking with industry peers and potential partners in a vibrant and fun setting… Or grab a paddle and see how your table tennis skills stack up against all comers. And while you’re at it, you can learn how Lender Toolkit’s powerful AI Underwriter™ technology delivers one-touch loan decisions in 90 seconds or less, creating a fast, hassle-free mortgage experience your clients will rave about. The event kicks off at 7:30 p.m. and promises to be an evening filled with food, laughter, and a little friendly competition. Secure your spot now by signing up here. Hurry, spaces are limited, and this block party promises to be one to remember.

You don’t have to accept lower profitability when loan volume is down. Instead, find efficiencies in your mortgage process that add up to cost savings and bolster your bottom line. Loan officers using Maxwell Point of Sale achieve more with less work, closing 20% more loans and moving loans to clear to close 35% faster. Maxwell POS syncs with your LOS bi-directionally, keeping real-time data in one place for easy management and seamless updates and preapprovals. Managers have visibility into the team’s entire pipeline, allowing them to identify opportunities for quick adjustments and better results. If you’re ready to maximize your mortgage operations and take advantage of every basis point, schedule a call with the Maxwell team.

“Brokers can now shop, lock, and deliver on one platform that seamlessly connects brokers, lenders, and originators. In this market, hustle is everything. You can’t afford to waste a single deal… Or a single minute. That’s why ReadyPrice has launched its innovative new Shop, Lock & Deliver loan exchange platform, designed to help independent mortgage brokers like you save time and money. Now you can shop competitive loan offerings from multiple lenders, get rate lock guarantees in real time, receive underwriting findings, and deliver the borrower’s complete loan file to lenders, and all on a single platform, at no cost to brokers. It’s the industry’s most powerful universal delivery portal, and it’s already helping thousands of brokers around the country thrive and compete in even the toughest market environments. Multiple lenders. One platform. Zero b.s. Come check us out today.”

TPO Programs for Brokers and Correspondents

“CBC Mortgage Agency to begin offering USDA financing! As part of its ongoing commitment to the communities it serves and to mark its tenth year in business, CBC Mortgage Agency, home of Chenoa Fund down payment assistance, is pleased to announce it now offers a USDA program. The new USDA30 program is designed for low-and-moderate income families in rural and semi-rural areas and provides 100% financing for the purchase of a home. Are you interested in becoming an approved partner with CBC Mortgage Agency? Visit our website for more information.”

Take Advantage of LoanStream’s Summer Specials to help you grow that pipeline! NON-QM Special for Purchase, Refinance & Cash-Out Programs. 50 BPS Price Improvement on all 740+ FICO Non-QM Programs (Special may not be combined with Select Non-QM Programs). Only Non-QM Special available for Correspondent. Prime Special: 35 BPS Price Improvement on Government Purchase Loans, 35 BPS Price Improvement on Government and Conventional High-Balance Purchase, Refinance and Cash-Out Loans (Specials are not available for use with DPA loans and cannot be combined together or with Select Loan Promotions. Restrictions apply. For loans locked 8/1/2023 through 8/31/2023. Visit us for more information or speak with your Account Executive.

Agency News

Freddie Mac announced enhancements to its automated income assessment tool to include tax transcripts as a new data source opening the door to homeownership for more qualified self-employed borrowers who report income on IRS Form Schedule C (sole proprietors). The new capability is available to mortgage lenders nationwide through Freddie Mac’s Loan Product Advisor® (LPASM) asset and income modeler (AIM).

Freddie Mac Single-Family Seller/Servicer Guide (Guide) Bulletin 2023-16 announces multiple updates pertaining to topics such as credit underwriting, IRS installment agreements that are pending IRS approval, documentation requirements for alimony, child support and separate maintenance, underwriting requirements for manually underwritten mortgages pertaining to medical collections, AIM, ACE+ PDR, AIR, and PDCIR.

Fannie Mae August Selling Guide update, SEL-2023-07, revises the Appraiser Independence Requirements, introduces Property Data Collector Independence Requirements, and makes miscellaneous changes.

Fannie Mae and Freddie Mac have updated the Appraiser Independence Requirements (AIR) and introduced Property Data Collector Independence Requirements (PDCIR). These requirements are designed to protect the integrity of mortgage lending collateral risk management processes for lenders, investors, and borrowers. Learn more at the AIR/PDCIR page.

Fannie Mae will update Condo Project Manager™ (CPM™) on Sept. 18th, in accordance with the review requirements for condo project eligibility announced in SEL-2023-06. The updates will include new review questions and data elements related to critical repairs, material deficiencies, significant deferred maintenance, inspection reports, evacuation orders, and special assessments.

Fannie Mae’s new eLearning series for reconciling custodial bank accounts is designed to give you a high-level overview of the completion process for monthly P&I and T&I custodial bank account reconciliations.

Training and Events

Free, In-Person FHA Underwriting Training, August 15, 8:30 AM – 4:30 PM (Central) in Omaha, NE.

Free, In-Person FHA Appraiser and Appraisal Training, August 16, 8:30 AM – 4:30 PM (Central) in Omaha, NE.

Free, In-Person FHA Appraiser and Appraisal Training, August 22, 9:00 AM – 4:00 PM (Eastern) in Louisville, KY.

Free, In-Person FHA Underwriting Training, August 23, 9:00 AM – 4:00 PM (Eastern) in Louisville, KY.

Free, FHA Virtual Webinar on Loan Review System Basics, August 23, 2:00 PM – 4:00 PM (Eastern).

FHA free, Live, on-site training in Ankeny, IA will provide an overview of FHA underwriting procedures and addresses a number of industry-related frequently asked questions (FAQs). August 24, 9:00 AM to 12:00 PM

Earn 2 Hours of AZ Responsible Individual Continuing Education, join AzAMP Central Chapter Luncheon at Embassy Suites Scottsdale, McDowell Conference Rooms – First Floor, Wednesday, August 23, 11:30 a.m. to 1:30 p.m. Guest Speakers include Jacalyn Shirley, David Buckner, and Kristopher Martin.

Did you know you can use a reverse mortgage to purchase a home? It’s a great tool that many lenders don’t know they can leverage for a purchase. Join Mark Reeve, Plaza’s VP, Reverse Mortgage Division, and he’ll share all you need to know about how to help your clients use a Reverse Mortgage to purchase a home. Plaza Home Mortgage – How to Use the Reverse Mortgage to Purchase a Home on Wednesday, August 23, 11:00 AM PT / 2:00 PM ET.

PRMG University TPO August Training Calendar. Walk through calculations to determine what income can be used to qualify a traveling health care professional. Join PRMG University and Essent training on Monday, Aug 14th 1:00 PM – 2:00 PM PDT, for On the Road Again… Traveling As a Traveling Nurse.

Capital Markets

Economic data released over the last week continues to show a cooling jobs market as 187,000 jobs were added in July and the prior two months’ data were revised down by 49,000. The unemployment rate declined to 3.50 percent and average hourly earnings rose 0.4 percent during the month and 4.4 percent from one year ago.

The Fed remains concerned with wage inflation and views cooling labor costs as essential to bringing inflation down to its 2 percent target. Job openings remained high in June at 9.6 million, which equates to 1.6 openings per unemployed person. Higher productivity in the second quarter helped keep unit labor cost increases lower over the quarter, rising 1.6 percent on an annualized basis compared to the first quarter’s 3.9 percent increase and 2022’s 7.4 percent increase. Manufacturing activity continued to contract while services expanded at a slower pace in July. With most sectors of the economy still expanding and wage growth still strong, rates are likely to remain higher for longer.

The U.S. Government is constantly selling/auctioning off debt, but every three months there is a sale of longer-dated securities. This week’s market moving events include the $103 billion Quarterly Refunding over Tuesday to Thursday with Consumer Price Index on Thursday followed by Producer Prices and Michigan sentiment on Friday. Fed speakers are currently light amid the dog days of summer. Regarding MBS, markets will be reacting to tonight’s agency prepayment release with Class A 48-hours on Thursday then Classes B and C the following Tuesday and Thursday. Today’s calendar kicks off with Atlanta Fed President Bostic and Fed Governor Bowman delivering remarks before a Fed Listens event. Later today brings the Employment Trends Index for July and Consumer credit for June. We begin the week with the 2-year at 4.83, Agency MBS worse a few ticks (32nds), and the 10-year yielding 4.09 after closing last week at 4.06 percent.

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

Ahead of its initial public offering slated for mid-December, United Wholesale Mortgage is offering mortgage rates below 2% on FHA loans through its Conquest Program.

UWM, the second-largest lender in the country, is offering rates between 1.99% and 2.5% on FHA loans, the company announced in a statement on Wednesday. The rates will be available on FHA purchase mortgages, FHA rate and term refinances, and FHA streamline refinances.

On Wednesday, the FHA announced new loan limits for 2021, increasing those amounts to $356,362 for much of the U.S. and to $822,375 in high-cost areas.

The Conquest FHA announcement is the latest in a series of UWM product launches in 2020. The lender, led by CEO Mat Ishbia, has offered ultra-low mortgage rates on VA purchase and IRRRL loans, as well as purchase and refinances on both 30-year and 15-year fixed-rate products.

Not all borrowers have qualified for the products, and to obtain the lowest rates borrowers have had to buy points upfront.

5 reasons to refinance your mortgage right now

If you’re thinking about refinancing your mortgage, here are five reasons why you might want to act now and reach out to a loan officer.

Presented by: Citi Mortgage

Like many other mortgage companies, UWM has ridden a wave of record-low mortgage rates and rising home prices en route to its best-ever year in 2020.

As of the end of the third quarter, Pontiac, Michigan-based UWM closed nearly $128 billion in production, eclipsing the $108 billion it originated throughout all of 2019, the firm said. UWM originated $54.2 billion in closed loans during the third quarter, an 81% increase from the $29.9 billion it originated in Q3 2019 (loan volume was up 31.8% from Q2 2020).

According to company statements, net income totaled $1.45 billion in the third quarter, up from $198 million during the same period in 2019. The gain-on-sale margin also inched up to a record 3.18%; a year ago it was 1.29%.

In the summer, UWM announced it was merging with a blank-check company led by businessman Alec Gores. Ishbia, who will control 94% of the company, is seeking a valuation of about $16.1 billion. He’s described the impetus to go public as achieving greater scale, promoting the broker channel, and avoiding having to sell mortgage servicing rights.

The mortgage brokers that UWM bet its future on and championed have also reaped the rewards from low mortgage rates and a boom in mortgage originations over the last few quarters.

According to Inside Mortgage Finance, the wholesale and correspondent channels in the third quarter rose 34.1% from the second to the third quarter. By contrast, there was only a 9.2% increase in retail production and 16.9% growth in total first-lien originations, the publication reported. The third-party-origination share of third-quarter production rose 4.5 percentage points to 35.5% in the third quarter.

Source: housingwire.com

Apache is functioning normally

Here comes the home equity lending at long last!

Now that homeowners actually have some ownership of their properties again, they’re beginning to take advantage of the low rates on offer.

A new report from RealtyTrac revealed that home equity line of credit (HELOC) origination volume was up a solid 20.6% from a year ago.

A total of 797,865 HELOCs were extended to borrowers between June 2013 and 2014, the highest total since the 12 months ending June 2009.

Aside from buoying the flagging purchase/refinance market, it’s also a sign that borrowers are getting their heads back above water again after a rough several years.

More than 10 million homeowners with a mortgage now have at least 50% equity in their homes, meaning there’s plenty of potential business for the taking.

But before we get too far ahead of ourselves, note that HELOC volume is still off 76% from the previous peak of 3,299,007 loans extended in the 12 months ending in June 2006.

HELOC Share Rose to 15.4% of Total Mortgage Originations

RealtyTrac also reported that HELOCs accounted for a healthy 15.4% of total residential mortgage originations during the first eight months of 2014, the highest share since 2008.

However, while the share has risen significantly, it is still well below the 24.7% share seen back in 2005 when the housing market was firing on all cylinders.

Of the 50 largest metropolitan statistical areas (MSAs) in the nation with HELOC data, 49 posted year-over-year increases in home equity lending volume.

The largest jump was seen in the Riverside-San Bernardino metro in Southern California, which saw an amazing 87.7% increase.

It was followed by Las Vegas (+85.1%), Cincinnati (+81.0%), Sacramento (+65.1%), and Phoenix (+60.1%).

The scary part about all this is that these same metros were also some of the hardest hit during the most recent housing crisis, so the fact that borrowers are once again tapping equity might give some pause.

And though lenders are a lot more conservative than they used to be when it comes to HELOCs, I’m still seeing banks offering HELOCs up to 100% LTV. I suppose when 125% LTV second mortgages get more popular we should really start to worry.

That being said, HELOC volume in these metros is still way below peak levels, with Riverside-San Bernardino down 93%, Las Vegas down 92.9%, Miami down 92.5%, Tucson down 92.4%, and Orlando down 92.2%.

Of the nation’s 50 largest metro areas, the highest share of HELOCs as a percentage of all loan originations year-to-date was in Honolulu, where they accounted for 43.5% of total loans. Wow.

The island paradise was followed by Rochester, N.Y., (38.7%), Buffalo, N.Y., (32.1%), Cleveland (28.5%), and Milwaukee (27.5%).

Conversely, HELOCs only grabbed a 5.8% share of mortgages year-to-date in Las Vegas, which is still struggling with massive home price declines.

The share was also pretty low in Dallas (6.5%), Riverside-San Bernardino (7.7%), Houston (7.9%), and Tucson (8%), which puts the year-over-year gains into perspective.

Yes, the numbers are up, but only from highly deflated levels, so we’ve still got a way to go before HELOCs save the mortgage market. But it’s a start.

Read more: A list of ways to build home equity.

Source: thetruthaboutmortgage.com

Apache is functioning normally

SoCal homebuying June 2023 (Chart by Flourish)

Southern California’s housing market continued rebounding in June, despite below-average sales and the highest mortgage rates in seven months.

With inventory at the lowest level for a June in a dozen years, even this year’s diminished demand exceeds the number of homes for sale, driving up prices.

As a result, the median price of a Southern California home — or price at the midpoint of all sales — was $730,000 in June, CoreLogic reported Wednesday, Aug. 2.

SEE MORE: Mortgage industry, homebuyers pinched by high rates, declining cash

That’s down just 0.7 of a percent, or $5,000, from a year earlier. It also follows four months of off-and-on price gains that brought the region’s median within $20,000 of the all-time high of $750,000 reached in April 2022.

Home prices in the six-county region were up 9% since the beginning of the year.

And prices were up by more than 3% in Orange and San Diego counties, CoreLogic figures show. In Orange County, the median home price hit a record high of $1.059 million.

“The continued imbalance between buyers and sellers continues to pressure home prices,” CoreLogic Chief Economist Selma Hepp said in a statement Tuesday. She added that four out of 10 U.S. home sales are cash transactions, making them immune from higher mortgage rates.

RELATED: Shopping for a home? List of challenges grows

Nevertheless, lower demand and reduced inventory limited home sales to 16,320 transactions in June, the smallest tally for any June in records dating back 36 years, CoreLogic figures show.

June home sales were down 24.3% from a year earlier and we’re 40% off June 2021 levels, when mortgage rates were less than half of where they are now and the homebuying frenzy was hottest.

It was also the 19th straight month that sales were down on a year-over-year basis, CoreLogic figures show.

The pattern is the same that has gripped the region’s housing market since the start of the year, with homeowners choosing to keep historically low mortgage rates rather than selling.

“Despite elevated interest rates, the demand for housing continues to outpace the availability of homes for sale as buyers slowly adapt to the new normal,” Jennifer Branchini, president of the California Association of Realtors, said last month.

Here are key takeaways from the latest housing market data:

— The region’s market contrasts with the nation as a whole. CoreLogic reported Tuesday that U.S. single-family home prices were up by 1.6% since June 2022 and by 4.8% since the beginning of the year.

Locally, the median price for a single-family home was $785,000, down 1.3% from June 2022.

— Home prices rose 2.1% from May to June even though the typical house payment for a median-priced home hit a high of $3,772 per month.

Thirty-year fixed-mortgage rates averaged 6.7% in June, according to Freddie Mac, boosting a typical Southern California house payment by more than 10% from a year earlier. June’s average was the highest since November.

SEE MORE: What the Fed’s July rate hike means for homebuyers and sellers

— Home prices are increasing despite lukewarm demand, figures from Redfin show. Redfin’s Homebuyer Demand Index, based on home tour and service requests, is down 3% from a year ago, the online real estate brokerage reported Thursday. In addition, mortgage-purchase applications are down about 23%.

— But inventory has dropped more than demand. For-sale inventory in the region fell steadily for the past 11 months to just over 25,000 listings in June. That’s the lowest number for June and the fifth-lowest for any month since February 2012.

— Rising mortgage rates and higher prices hit entry-level buyers even harder, especially in the region’s most affordable area, the Inland Empire. The minimum income needed to afford an entry-level home rose 7.5% to almost $105,000 a year in the Inland Empire, Redfin reported.

By comparison, the minimum income needed to buy a home rose 4.7% to $151,070 a year in Los Angeles County; 6.3% to $180,224 a year in Orange County; and 6.7% to $161,671 a year in San Diego county.

“There’s no such thing as a starter home anymore,” Redfin Senior Economist Sheharyar Bokhari said. “The most affordable homes for sale are no longer affordable to people with lower budgets.”

— While mortgage rates will probably stay elevated for several more months, they’re likely to start coming down before the end of the year, Redfin researchers said.

CoreLogic projected that U.S. home price appreciation will continue accelerating for the rest of 2023, reaching 6.8% by next January.

Here’s a county-by-county breakdown of median home prices and sales for June, with annual percentage changes:

— Los Angeles County’s median fell 2.4% to $830,000; sales were down 22.7% to 5,278 transactions.

— Orange County’s median rose 3.3% to $1.059 million; sales were down 16.6% to 2,296 transactions.

— Riverside County’s median fell 2.9% to $560,000; sales were down 25.7% to 3,278 transactions.

— San Bernardino County’s median fell 5.0% to $475,000; sales were down 28.7% to 2,269 transactions.

— San Diego County’s median rose 3.1% to $835,000; sales were down 24.5% to 2,581 transactions.

— Ventura County’s median rose 0.2% to $807,000; sales were down 35.6% to 618 transactions.

Source: ocregister.com

Apache is functioning normally

The housing inventory data from last week makes me wonder if we are starting the seasonal decline in active listings in August. Mortgage rates also had a crazy week and purchase apps fell once again.

  • Weekly active listings rose by only 2,939
  • Mortgage rates went from 7.04% to 7.20% and back to 7.03%
  • Purchase apps were down 3% from week to week

Weekly housing inventory

Traditionally, we would see a seasonal decline of active listings for single-family homes going into the fall, but seeing less than 3,000 homes added to the active listings data last week makes me wonder if we are going to see that decline early this year.

Saying that the housing inventory growth in 2023 has been disappointing is an understatement. It took the longest time in history to find the seasonal bottom, which happened on April 14. We usually see this in January or maybe February. Then the growth rate was so slow that we had weeks of negative year-over-year inventory data. Last week was another slow week of active listings.

  • Weekly inventory change (July 28-August 4): Inventory rose from 484,599 to 487,870
  • Same week last year (July 29-August 5): Inventory rose from 538,908 to 543,898
  • The inventory bottom for 2022 was 240,194
  • The inventory peak for 2023 so far is 487,870
  • For context, active listings for this week in 2015 were 1,195,634

As we can see in the chart below, active listings have been negative year over year for some time now. Demand isn’t booming for the existing home sales market, but it’s not crashing like it did in 2022. Last week, I talked about the stable, not booming, housing demand on CNBC. That stabilization in demand has slowed inventory growth down this year.


New listing data has been trending at the lowest levels recorded in history for the last 12 months. However, on a positive note, we haven’t seen another new leg lower, meaning that if this trend continues, we should see some flat to higher year-over-year numbers this year. As we can see in the chart below, new listing data is very seasonal and running into its seasonal decline period now. However, the decline is orderly, unlike last year.

Here’s how new listings this week compare to the same week in past years:

  • 2023: 61,490
  • 2022: 74,195
  • 2021: 79,106

Mortgage rates and bond yields

Last week was wild for the 10-year yield and mortgage rates as we came close to testing my peak 10-year yield call of 4.25%, hitting 4.20% on jobs Friday, only to fall back toward 4.04%. Mortgage rates started the day at 7.20% and ended the day at 7.03%. We need the 10-year yield to stay below 4% to see mortgage rates drop below 7%, into the 6%-6.875% range.

My 2023 forecast range for the 10-year yield was 3.21%-4.25%, meaning mortgage rates between 5.75%-7.25%. Rates got worse after the banking crisis but are behaving better lately; hopefully, this trend will improve with time. As we can see in the chart below, the forecast range has stuck for 100% of the year.

Purchase application data

Purchase application data was down again by 3% last week, making the count year-to-date at 14 positive and 15 negative prints. If we start from Nov. 9, 2022, it’s been 21 positive prints versus 15 negative prints. Mortgage rates near or above 7% are making it difficult to get any traction on the demand side of housing. The best data we had here recently was from Nov. 9 until the first week of February, giving us three months of positive data. However, after that, it’s been a flat year with apps.

The week ahead: Inflation week is here! 

It’s Inflation week, so get ready for two key reports: the Consumer Price Index on Thursday and the Producer Price Index on Friday. It is key for the housing market and the economy that core inflation continues to see lower growth. The Federal Reserve is very focused on core inflation, not headline inflation, so that’s what I will be focusing on with the two inflation reports. And of course, every Thursday we also have the jobless claims report to be mindful of.

Source: housingwire.com