No Action Taken On Federal Funds Rate At FOMC Meeting

No Action Taken On Federal Funds Rate At FOMC Meeting

By PATRICK LAVERY Experts trying to predict the outcome of Super Bowl LIX have nothing on those watching the Federal Reserve Board, as hints and signposts leading up to this week’s meeting of the Federal Open Market Committee accurately pointed to the action taken Wednesday: no change in the target range for the federal funds…

Rates Move Up On Fed Curveball

Rates Move Up On Fed Curveball

Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage rate averaged 6.72%, up from the week prior’s 6.60%. A year ago at this time, the 30-year fixed-rate mortgage averaged 6.67%. Fifteen-year rates also increased to 5.92% from 5.84%. A year ago at this time, they were at 5.95%. “This week, mortgage rates crept…

Federal Reserve Cuts Rates For Third Time, Stocks Drop

Federal Reserve Cuts Rates For Third Time, Stocks Drop

By PATRICK LAVERY Experts and analysts had been predicting it for weeks, so the first shoe to drop Wednesday afternoon was expected: The Federal Open Market Committee voted to cut its key interest rate by another quarter-point, its third consecutive cut after more than a year of inaction, and a resultant reduction of 100 basis…

Quarter-Point Rate Cut From FOMC After Trump’s Election
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Quarter-Point Rate Cut From FOMC After Trump’s Election

By PATRICK LAVERY Donald Trump’s victorious performance on Election Night that will return him to the presidency in 2025 portends to cast a long shadow over housing affordability, but for now, the Federal Reserve Board is continuing a resumption of rate cuts that began in mid-September by slashing its key interest rate another quarter of…

Federal Reserve Cuts Rates For First Time Since Height Of Covid

Federal Reserve Cuts Rates For First Time Since Height Of Covid

By PATRICK LAVERY The Federal Open Market Committee on Wednesday voted to make its first cut in the federal funds rate in more than four years, a substantial 50-basis point slash which, as had been predicted earlier in the week, lowers the target range for the key rate from its previous level of 5.25% to…

Industry Leaders React To Rate Cut By Fed
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Industry Leaders React To Rate Cut By Fed

By KIMBERLEY HAAS After months of anticipation, the Federal Reserve cut interest rates by half a percentage point at its meeting this week. This move is expected to boost consumer confidence and bring potential home sellers and buyers off the sidelines and into the housing market. In a statement, officials said members of the Federal…

How The Presidential Election Could Shape The Housing Market
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How The Presidential Election Could Shape The Housing Market

By CHUCK GREEN Federal Reserve Chair Jerome Powell often vigorously asserts that members of the Federal Open Market Committee don’t give two hoots who’s President. When he’s asked, Powell says they operate as an independent body that does not take politics into account. As Powell remains unmoved by political pressures, leaders in every industry are…

Mortgage Rates Fall To Lowest Point Since February
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Mortgage Rates Fall To Lowest Point Since February

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…

Fed Hold Rates Steady And Casts Doubt On September Cut
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Fed Hold Rates Steady And Casts Doubt On September Cut

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…

Mortgage Apps Slip Further

Mortgage Apps Slip Further

Mortgage applications slipped further last week as refinances stalled after a brief boost. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — fell by 3.9%, adding to a 2.2% dip the week prior. Adjusted purchase applications decreased by 2%, while the unadjusted…

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