Mortgage rates dipped to their lowest level since early this year as analysts firm up their opinions on a September rate cut from the Central Bank. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.73%, down from the week prior’s 6.78%. A year ago at this time, the 30-year FRM averaged…
By PATRICK LAVERY Saying “the risks to achieving our employment and inflation goals continue to move into better balance,” Federal Reserve Chairman Jerome Powell on Wednesday touted the fall of inflation from a post-pandemic high of 7% to its current 2.5% but held firm on the Fed’s key interest rate, which the Federal Open Market…
By KIMBERLEY HAAS The chair of the Federal Reserve acknowledges that their tightening policies to bring down inflation have affected the housing market, and he is offering a glimmer of hope for analysts who expect a rate cut within the next few months. Jerome Powell testified before the Senate Banking, Housing and Urban Affairs Committee…
Mortgage rates fell further last week but remain near 7%, putting pressure on affordability. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.95%, down from the week prior’s 6.99%. A year ago at this time, the 30-year FRM averaged 6.69%. The 15-year also fell to 6.17% from 6.29%. A year ago…
By PATRICK LAVERY For the seventh straight meeting, dating back to last September 20, the Federal Open Market Committee on Wednesday voted to maintain the target range for its federal funds rate at 5.25% to 5.5%. That officially means, as experts and prediction tools had almost unanimously agreed going into the week, that the earliest…
Mortgage rate lock volumes jumped nearly 7% in May despite rates moving very little. Mortgage Capital Trading’s (MCT) latest report revealed that mortgage lock volume increased 6.78% month-over-month in May. Rates have been the primary influence on mortgage activity this year. MCT says the industry is monitoring economic data to see what decisions the Federal…
Mortgage applications rallied last week as a slowing jobs market and positive indications from the Central Bank led to rates plummeting. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — rose by 2.6%, reversing last week’s 2.3% dip. Adjusted purchase applications increased…
By PATRICK LAVERY Predicted by both the experts and projection tools alike, the Federal Open Market Committee on Wednesday decided to maintain its target range for the federal funds rate at 5.25% to 5.5%, the sixth consecutive meeting at which the key rate has gone unchanged following a year and a half’s worth of increases….
Mortgage applications declined again last week as rates continued their upward march. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — fell by 2.3%, adding to last week’s 2.7% dip. Adjusted purchase applications slipped by 2%, while the unadjusted index was down…
By PATRICK LAVERY After a swift acceleration of more than five percentage points in about a year and a half, starting in early 2022, could the Federal Reserve Board keep its policy interest rate in a holding pattern for close to a year? That appears likely, as with no change since last summer, most experts…
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