Stewart Agency Economic Summary Report, Q3 2024
What Recent Rate Trends and Inflation Readings Could Mean for Title Agents
At the half-year mark, optimism that the Federal Reserve will implement rate cuts in the third quarter is strengthening – this time with reason. After three consecutive months of a downward trend, continued inflation could be in the rear-view mirror. However, inflation followed a similar trend in September, October, and November last year, so pure, near-term optimism could still be a bit hasty.
In his recent testimony to Congress, Fed Chairman Jerome Powell stated that inflation reports covering the first three months of this year did not boost Fed officials’ confidence that inflation was coming under control.
However, he followed by saying, “The most recent monthly [inflation] readings have shown modest further progress and more good data would strengthen our confidence that inflation is moving sustainably toward 2%.” More good data? Is that one, two, three more months of positive inflation reports? Timing will be everything to impact the remainder of the year.
In the meantime, what should title agents do to best position themselves against these trends? Stewart Vice President of Financial Planning and Analysis, Jeff Lanier, has prepared a detailed, extensive report on Q3 2024 economic data and how it affects your market. The report can provide valuable guidance on the future of interest rates, listing prices and whether that will spur potential business. Stewart understands you have questions and concerns, and Jeff has done his utmost to address them in his report.
Report Highlights
- Will the election make a difference in how the Fed acts near term?
- What are the inflation rate trends now?
- Are rate cuts already baked into the forecast?
- What should agents think about as they enter 2025 budgeting and strategy sessions?
Unknown still is what the Fed’s cadence might be for rate cuts in 2025. Consideration must be given to the potential for higher prices and the duration of a workout period for the lock-in effect, shifting homeowners out of their sub-4-percent mortgages back to a broader historical norm of 6 to 6.5 percent. How long will that workout take and at what pace? Trust the report to have your best interests in mind as you read and sift the data.
Download the Report to Get Perspective and Plan Ahead
Information has always been the best defense against uncertain market conditions. Agents need to be informed and prepared to succeed. Download Jeff Lanier’s Q3 2024 Economic Report and take appropriate action to protect your business interests.
See more agency economic reports, market trends and insights:
Stewart Agency Economic Summary Report, 2Q24
Stewart Agency Economic Summary, 1Q24
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