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California Weekly Market Data ending November 6, 2023

Updated: Nov 14, 2023

The Fed decides to pause on rate hike for the second time in a row

After the close of the November FOMC meeting, the Federal Reserve announced that they will keep the target range of the fed funds rate at 5.25% to 5.50%. Powell made it clear though that if inflation pressure should accelerate in the months ahead, further rate hikes would be considered.

U.S employers pull back on hiring in October

With the economy expected to slow in the Q4 and consumers feeling less positive about the short-term labor market outlook, the job market will likely continue to slow in the coming months.

ARM demand jumps to highest level in a year

With the average 30-year fixed-rate mortgage remaining above 7.5% early last week, an increasing number of homebuyers opted to use adjustable-rate mortgages (ARMs) to finance their home loans, according to the latest weekly survey released by Mortgage Bankers Association.

Construction spending climbs again in September

Spending in private single-family housing units, in fact, jumped 1.3% in September, while private multifamily spending dipped 0.1% from August. Homebuilders’ construction growth, however, could slow in the short term if rates remain near their two-decades high for the rest of the year.

  • The housing market needed a break, and the Federal Reserve delivered it last week at their latest FOMC meeting.

  • The central bank’s decision to hold its fed funds rate steady brought mortgage rates down to the lowest level since late September.

  • The market could see a boost in sales at the end of the year if a declining trend in rates is materialized.

SOURCE : California Association of Realtors

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