The Week Ahead: Data Privacy, Housing, and More to be Discussed Next Week

The Banking, Housing and Urban Affairs Committee will hold its next meeting at 10 a.m. on Tuesday, June 11.

The committee will conduct a hearing “Data Brokers and the Impact on Financial Data Privacy, Credit, Insurance, Employment and Housing.”

The committee last met on June 5 to discuss the nominations of Thomas Peter Feddo, of Virginia, to be an Assistant Secretary of the Treasury for Investment Security, Nazak Nikakhtar, of Maryland, to be Under Secretary of Commerce for Industry and Security, Ian Paul Steff, of Indiana, to be Assistant Secretary of Commerce and Director General of the United States and Foreign Commercial Service, Honorable Michelle Bowman, of Kansas, to be a Member of the Board of Governors of the Federal Reserve System, Paul Shmotolokha, of Washington, to be First Vice President of the Export-Import Bank of the United States, and Ms. Allison Herren Lee, of Colorado, to be a Member of the Securities and Exchange Commission.

Recent reports by CoreLogic found that home prices rose 3.6% in April and are forecasted to increase 4.7% over the next year.

CoreLogic’s Home Price Index (HPI) increase was down the year-over-year gain of 6.6%, but a slight increase from March’s jump of 3.5%.

Increases have been reported in the overall HPI on a year-over-year basis every month for the past seven years, and has gained 60.1% since March 2011. The HPI is 7.7% higher than it was at its pre-crisis peak in April 2006.

While home prices are on the rise, mortgage rates have fallen to nearly two-year lows, with the average interest rate on a 30-year fixed rate mortgage coming in at 3.82% on June 6. The continued decline of mortgage rates has caused the volume of mortgage applications to rise 1.5% over the past week.

CNBC states that refinance applications increased 6% since last week and 33% year-over-year. A recent report issued by Black Knight states that declining mortgages rates have resulted in 5.9 million refinance candidates in April, which is an increase of 2 million from March.

 

Here's what else is happening in The Week Ahead:

CoreLogic Loan Performance Insight Report (June 11)

Quicken Loans Monthly Home Price Perception Index and Home Value Index for May (June 11)

UMich Consumer Sentiment Index (June 14)