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Conway Gates: I’m Conway Gittens, I work for the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Wall Street is looking for momentum after the S&P and Nasdaq both hit new records in a holiday-shortened week. But the AI-led tech rally is fading as investors assess whether there is more room to upside.
Investors are eyeing revised GDP numbers, unemployment claims, and the Fed’s preferred measure of inflation due next week.
In other news, mortgage rates fell to their lowest level in nearly three months, which is a much-needed relief for potential homebuyers.
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The average 30-year fixed-rate mortgage was 6.87% for the week ending June 20, down from 6.95% the week before, according to Freddie Mac. This represents the third weekly decline in a row. Prices fell from 7.22% in May.
Although interest rates have fallen, they are still at their highest levels in two decades and well above 2022 levels when the Fed began its rate-hiking cycle. Investors expect interest rates to be lowered next September.
As of the end of 2023, more than half of homes with a mortgage had an interest rate of 4% or less, and 87% of them had an interest rate of 6% or less, according to Realtor.com.
This will do it for your daily briefing. From the NYSE, I’m Conway Gittens from TheStreet.
RELATED: Housing market seeks Fed rate relief as sales decline
