Weekly Market Observations — January 31, 2023

Here’s Our Weekly Market Observations:

This week the Fed expected to increase rates by 0.25%, marking the 8th consecutive rate hike

The Biden Admin released a "Blueprint for a Renters Bill of Rights" and announced plans for new tenant protections

Multifamily new construction permits down nearly 22% YOY

Single-family new construction permits down almost 35% YOY

Average 30yr fixed mortgage rates down slightly to 6.13%