Economy Ringing in the New Year? (December 23rd – 27th) 🍾
Happy Holidays everyone! While you were busy roasting chestnuts and decking the halls, the economy decided to sneak in a few last-minute reports before the year’s end. Let’s take a peek under the tree and see what economic presents (or lumps of coal) we received.
The Week That Was (December 23rd – 27th):
- Consumers Feeling Festive (and Maybe a Bit Frugal): Consumer confidence came in a bit mixed this week. It seems like folks are generally feeling optimistic, but they might be tightening their belts a bit after all that holiday shopping. Think of it like a delicious Christmas dinner – you’re enjoying the feast, but you’re also mindful of not overdoing it.
- Durable Goods Dashing Through the Snow: Orders for durable goods (those big-ticket items like cars and appliances) were a bit sluggish this week. Maybe Santa’s elves are taking a break after a busy season? Or perhaps consumers are holding off on big purchases until the new year. Either way, this could signal a slight slowdown in economic activity.
What does this mean for YOU?
This week’s reports suggest that the economy is winding down for the year, but consumers are still feeling relatively confident. Mortgage rates are likely to stay cozy by the fire for now, but keep an eye out for any surprises in the new year. Think of it like a warm mug of hot cocoa on a chilly night – comforting and familiar, but with the potential for a few extra marshmallows (or maybe a peppermint stick) to spice things up.
Looking Ahead (December 30th – January 3rd):
As we ring in the new year, the economic calendar is looking a bit like a post-holiday hangover. But there are still a few things to keep an eye on:
- Chicago PMI: This report will give us a glimpse into the manufacturing sector in the Chicago area. It can provide some clues about the overall health of the manufacturing industry.
- Pending Home Sales: This data will tell us how many homes are going under contract, which can give us a sense of future trends in the housing market.
The Bottom Line:
The economy seems to be taking a well-deserved break for the holidays, but it’s still worth keeping an eye on those economic indicators. As for mortgage rates, they’re likely to remain relatively stable for now, but stay tuned for any potential shifts in the new year. In the meantime, enjoy the festivities, and don’t hesitate to reach out if you have any questions!
And speaking of festivities…
Did Santa bring you a “Santa Claus Rally” this year? Hopefully, those stock prices were as cheerful as Santa himself! While you’re enjoying the last few days of 2024, remember that a new year brings new opportunities. Whether you’re looking to buy your first home, refinance your existing mortgage, or just learn more about the housing market, I’m here to help you achieve your goals in 2025. Happy New Year!
New Year, New Financial Goals!
As the confetti settles and the champagne flutes are put away, it’s time to set our sights on the year ahead. And what better time to focus on our financial goals than at the start of a brand new year?
Whether you’re aiming to save for a down payment, pay off debt, or simply get your finances in order, now is the perfect time to make a plan and take action.
Here are a few ideas to get you started:
- Create a budget: It’s the foundation of any sound financial plan. Track your income and expenses to see where your money is going and identify areas where you can save.
- Set realistic goals: Don’t try to do everything at once. Start with small, achievable goals and gradually work your way up.
- Automate your savings: Make saving effortless by setting up automatic transfers to your savings account each month.
- Seek professional advice: A financial advisor or mortgage loan officer can help you develop a personalized plan to achieve your homeownership goals.
Remember, every journey starts with a single step. So, take that first step today and make this the year you achieve your financial dreams!
Happy New Year!
-tom