8/29/2023 Market Moment -- Mortgages from 2001
Glen Eagle®: America’s Women-Owned Trading Desk®
- The average 30-year fixed mortgage is now at a 7.23% rate, the highest since 2001. This is a significant change from two years ago when rates were below 3%, which was close to the lowest ever. 1
- Waiting until age 70 instead of 62 for Social Security benefits means retirees can increase their monthly amount by up to 76%. Even though 72% of non-retired investors are aware of this fact, only 10% plan to wait until 70 to claim benefits. 2
- The Conference Board’s Index of CEO confidence improved from 42 to 48 in the third quarter (readings above 50 show optimism). 84% of CEOs still expect a slight recession in the next 12-18 months, but 40% still plan to hire more employees. 2
- The S&P 500 index trades for an elevated 21.4 times earnings. This valuation is top end loaded since the 10 largest companies have a median price/earnings ratio of 27.5x, yet the remaining 490 companies’ price/earnings is just 17x. 2
- WSJ - "Mortgage Rates Hit 7.23%, Highest Since 2001"
- Bespoke - "Stat Sheet 8/25/23"
*Past performance is not indicative of future performance
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This desk commentary is for informational purposes only
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