So the Fed is doing... nothing? 🤔

This Week's Market Update with JohnB

John Birke
September 25, 2023

The only newsletter (probably) where you can get the latest market trends, mortgage news, and social media updates all in one place

🔥September 25^th, 2023🔥

The Federal Reserve deciding to just kick back and watch the chaos

Well it’s official, rates are up and they’re gonna be that way for a while 😢 This week the Fed announced that rates are staying put this month but will be going up one more time this year and they won’t come back down as soon as we want

Really quick, if someone forwarded this email to you, don’t settle for being at mooch. Sign up and get it for yourself here 👍

Ok, now let’s get to it!

The Mortgage Part

Check out this week’s video 📽👇

Last week: Existing home sales are trash because prices are still 📈, builder confidence is just as trashy which is making trash waves with new housing starts, and the Fed just told us they aren’t ready to clean any of it up yet. Oh and guess what else is trash to boot: mortgage rates (so surprised 🙄)

🏠Existing Home Sales: Back to lows we saw at the beginning of year as rates stay high and prices continue to climb

Existing Home Sales Hit 7-Month Low as Prices Keep Rising | Eye On Housing

Existing home sales in August remained at the lowest level since January as limited inventory and higher mortgage rates continued to weigh on homebuyers, according to the National Association of Realtors (NAR). Low resale inventory and strong demand continued to drive up existing home prices, marking the third consecutive month where the median sales prices

eyeonhousing.org/2023/09/existing-home-sales-hit-7-month-low-as-prices-keep-rising

📈Home Prices: Continue upward trajectory as inventory remains near record lows

Home prices are expected to rise in 2024

‘There are simply not enough homes’ to meet demand, says economist

www.cnbc.com/2023/09/20/us-home-prices-to-rise-in-2024-there-are-simply-not-enough-homes.html

👷‍♀️Builder Confidence: Drops to the first negative rating in months as high rates continue to take a toll on housing market outlook

High Mortgage Rates Continue to Weaken Builder Confidence | Eye On Housing

Persistently high mortgage rates above 7% continue to erode builder confidence, as sentiment levels have dropped below the key break-even measure of 50 for the first time in five months. Builder confidence in the market for newly built single-family homes in September fell five points to 45, according to the National Association of Home Builders

eyeonhousing.org/2023/09/high-mortgage-rates-continue-to-weaken-builder-confidence

📉 New Home Starts: Follow downward trend alongside builder confidence in future of housing market

Housing Starts Decreased to 1.283 million Annual Rate in August

From the Census Bureau: Permits, Starts and Completions Housing Starts: Privately‐owned housing starts in August were at a seasonally adj...

www.calculatedriskblog.com/2023/09/housing-starts-decreased-to-1283.html

🏛 The Fed: Kept rates flat for now, but ready to hike again in Q4 and plans to keep them high for longer than expected… and it’s not making them any new friends

Fed signals it will raise rates one more time this year before it ends hiking campaign

The Federal Reserve stayed put on Wednesday but forecast it will raise interest rates one more time this year

www.cnbc.com/2023/09/20/fed-signals-it-will-raise-rates-one-more-time-this-year-before-it-ends-hiking-campaign.html

% Mortgage Rates: Despite a Friday Rally, up again to 7.39%

MBS Dashboard - MBS Prices, Treasuries and Analysis

View MBS prices and charts and follow the day's market activity with Micro News and Commentary.

www.mortgagenewsdaily.com/mbs

🔍Coming this week: Home prices, consumer confidence, spending and PCE

The Media Part

Social Media + AI Tip of the Week

Get a Bard Fact Check: Using Google’s Bard to write market updates and report on statistics is a great way to create high-level content, especially in professional spaces like LinkedIn. Well now, Bard will also check it’s own outputs to make sure you aren’t getting hallucinated at.

How Google taught AI to doubt itself

Surprise surprise: Bard tries to Google everything.

www.theverge.com/23881954/google-bard-ai-fact-checking

In the News

Is Social Media Marketing Becoming LESS Important?: Hell no! Gotcha 😂 In fact, companies are spending A LOT more on influencer marketing. Like $29 billion last year, up 21.5%, and a projected $34 billion in 2023 (an increase of another 17%). As always follow the money: if massive marketing firms see value in their social media presence, shouldn’t you too?

Influencer marketing surpassed $29 billion in 2022: report

This year, spend is expected to exceed $30 billion, according to marketing research firm PQ Media.

www.marketingbrew.com/stories/2023/09/19/influencer-marketing-surpassed-usd29-billion-in-2022-report

In The RECC Room

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And if you aren’t a part of the best damn Real Estate Content Creator Group out there, let’s fix that 👇

As always, I’m happy to help you and your clients with anything mortgage, marketing, or social media.

Thanks for reading!

John Birke | Mortgage Advisor | Content Coach

NMNLS 1150795

[email protected]

Movement Mortgage
9726 Old Bailes Road, Suites 121 & 130, Fort Mill, South Carolina 29707

www.movement.com/john.birke

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