Market Watch: Mortgage Rates Falling, The Federal Reserve Treads Carefully, Tax Bracket Changes

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Market Watch: Mortgage Rates Falling, The Federal Reserve Treads Carefully, Tax Bracket Changes

SPY
S&P 500
Last Week: 1.17%
YTD: 15.70%
1 Year: 10.56%
DIA

Dow Jones Industrial Average

Last Week: .62%
YTD: 3.56%
1 Year: 1.55%
ONEQ
NASDAQ
Last Week: 2.02%
YTD: 33.55%
1 Year: 22.37% 
Russell 2000
Last Week: -3.14%
YTD: -2.47%
1 Year: -9.52% 
Large Growth

YTD: 26.08%
1 Year: 19.94% 

*As of 10/31/2023

Large Value

YTD: .56%
1 Year: 2.86% 

*As of 10/31/2023

Mortgage Rates

Mortgage rates saw the biggest one-week drop in over a year. Applications rose 2.5% last week compared to the previous week. The average 30-year fixed-rate mortgage with a 20% down payment decreased to 7.61% from 7.86%. The decrease in rates was driven by the US Treasury issuing bonds and the Fed declining to raise rates. Applications to refinance were also up 2% for the week but still nearly 7% lower than a year ago.

The Federal Reserve

Fed Chairman Jerome Powell spoke on Thursday. “If it becomes appropriate to tighten policy further, we will not hesitate to do so,” Chairman Powell stated. “We will continue to move carefully, however, allowing us to address both the risk of being misled by a few good months of data and the risk of overtightening.” The Federal Reserve, paired with the US Treasury, has used quantitative tightening measures to get inflation down while trying to keep the economy from entering a large-scale recession. Inflation has come down significantly from the highs but remains well above 2%.

Internal Revenue Service

The IRS has announced several changes to tax brackets and deductions for 2024 to account for inflation. The standard deduction is now $29,200 for married filing couples and $14,600 for single filers. They boosted the 37% tax bracket for those making over $731,200 for joint filers and $609,530 for single.

  • Alex Wolfe

    Alex is a Certified Financial Planner™. He brings nearly a decade of experience working with individuals, families, and business owners. Prior to working for Base Wealth Management, Alex worked for Fidelity Investments and an independent wealth management firm in Venice, FL. Through many years of practice, he specializes in helping clients navigate their financial goals through comprehensive financial planning. He received his bachelor’s degree in economics from Texas A&M University.

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2022 Tax Document Information

As a Base Wealth Management client, you should receive your paper tax documents via mail in the coming weeks. Or, if you previously had an online account with Pershing’s NetX360, you should be able to access your 2022 tax documents through that portal. 

If not, or if you experience any issues, please reach out to Tim O’Brien (tim.obrien@intervestintl.com).

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