Two of the most expensive life events (a wedding and a down payment on a home) often combine in the same year when a couple says “I Do”. Redfin examined data to see which metropolitan areas had the lowest combined cost for an average wedding and the average purchase of a home in that area.
Cleveland, Detroit and Pittsburgh are the most affordable places where couples can throw a wedding and also cover a down payment on their first home, in all three Midwestern metro areas, the average combined cost of a wedding and a down payment is less than $65,000, compared with the national average of more than $109,000.
San Francisco, where the typical wedding and down payment costs add up to $325,000, is the most expensive place to get married and buy a home, followed by Los Angeles($168,000) and New York($158,000).
To determine how much cash couples in different parts of the country would need on hand to throw a wedding and buy their first home, Redfin calculated down payment amounts in 25 metro areas, assuming a 20 percent down payment on the median list price as of April 2019. Redfin paired it with metro-level and national data on wedding costs from WeddingWire, which found the average cost of a wedding, including an engagement ring, ceremony and reception, and honeymoon to be $38,700 in 2018.
What Happened to Rates Last Week?
Mortgage backed securities (FNMA 3.500 MBS) gained just +8 basis points (BPS) from last Friday’s close which caused fixed mortgage rates to move sideways but remained at their lowest levels of the year.
Overview: We had a holiday-shortened week with really only three full trading sessions. MBS remained at elevated levels but saw a significant pull back from their weekly highs due to a very strong jobs report on Friday.
Jobs, Jobs, Jobs: Big Jobs Friday hit and the data was quite strong. You can read the official Bureau of Labor and Statics report here.
ISM: The June ISM Non-Manufacturing (Services) hit close to the mark with a 55.1 vs 55.9 estimate. This is the lowest reading since July of 2017 but is still well above the expansionary level of 50.0. Services account for more than 2/3 of our economic output. ISM Manufacturing on a national level is alive and well. Unlike several recent regional manufacturing surveys (Chicago PMI, Empire Manufacturing, Philly Fed, etc), the ISM Manufacturing report still shows expansion with a 51.7 vs a 51.0 estimate.
What to Watch Out For This Week:
It is virtually impossible for you to keep track of what is going on with the economy and other events that can impact the housing and mortgage markets. Just leave it to me, I monitor the live trading of Mortgage Backed Securities which are the only thing government and conventional mortgage rates are based upon.