New York Fed Says Consumers Expect Higher Mortgage Rates At 1- And 3-Year-Ahead Horizons; Expected Mortgage Levels At Record Levels For Survey; Consumer View On Housing As Investment Remained 'Strongly Positive'
Portfolio Pulse from Benzinga Newsdesk
The New York Fed reported that consumers anticipate higher mortgage rates in both 1-year and 3-year outlooks, with expected mortgage levels reaching record highs in the survey. Despite these expectations, consumer sentiment towards housing as an investment remains 'strongly positive'.
May 06, 2024 | 3:01 pm
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NEUTRAL IMPACT
The anticipation of higher mortgage rates may influence the broader market sentiment and impact sectors related to housing and finance, potentially affecting SPY.
While the report directly pertains to consumer expectations regarding mortgage rates, it indirectly affects broader market sentiment and sectors related to housing and finance. SPY, being a broad market ETF, could see some impact due to changes in these sectors, though the effect might be diluted given its diversified nature.
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