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Tuesday, June 21, 2022

Wednesday: Fed Chair Powell Testimony

by Calculated Risk on 6/21/2022 09:08:00 PM

Mortgage RatesFrom Matthew Graham at Mortgage News Daily: Mortgage Rates Slightly Higher to Start The Week

Mortgage rates surged well into the 6% range last week before quickly cooling down after Wednesday's Fed announcement. The average top tier rate was nearly back below 6% by Friday. [30 year fixed 6.07%]
emphasis added
• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• At 9:30 AM, Testimony, Fed Chair Jerome Powell, Semiannual Monetary Policy Report to Congress, Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate

During the day, The AIA's Architecture Billings Index for May (a leading indicator for commercial real estate).

On COVID (focus on hospitalizations and deaths):

COVID Metrics
Percent fully Vaccinated66.8%---≥70.0%1
Fully Vaccinated (millions)221.9---≥2321
New Cases per Day389,102106,368≤5,0002
Deaths per Day3239307≤502
1 Minimum to achieve "herd immunity" (estimated between 70% and 85%).
2my goals to stop daily posts,
37-day average for Cases, Currently Hospitalized, and Deaths
🚩 Increasing 7-day average week-over-week for Cases, Hospitalized, and Deaths
✅ Goal met.

COVID-19 Positive Tests per DayClick on graph for larger image.

This graph shows the daily (columns) and 7-day average (line) of deaths reported.

Average daily deaths bottomed in July 2021 at 214 per day.