We are seeing mortgage rates falling to their lowest level since April this week. The drop is seen as positive news for buyers who have seen the rate jumping to about 6% this year.
Still, the average 30-year fixed rate is around 1.9% higher than in 2021. This, to some articles, reflects around $350 more in mortgage repayment per month for a $400,000 home. Home prices have undoubtedly risen too. The median price of an existing home sold rose by 13.4% in June compared to the same month a year ago.
Hopefully, the fall in mortgage rate will support the economy as demand recovers again.
🧨Warner Bros: It’s no, bro man🚽
The latest earnings missed estimates across various indicators as subscriber growth slowed. Still, the company announced a plan to merge its HBO Max and Discovery+ into a single service and provided new guidance for the streaming segment.
The stock naturally dived in after hours. A net loss of $1.50 per share compared to an estimate of $0.11 per share is a big cry. Yet, the company is communicating confidence in the future as the opportunity for streaming and restructuring its path ahead continues.
🧰What’s on the menu today?🔦
At 8.30 pm, we will welcome the highlight of the week, which is the Nonfarm payroll. We expect 250K jobs compared to 372K in the prior period. Unemployment rate figures will also be released at the same time. We should expect it to remain at the same level of 3.6%.
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