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…
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…
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 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…
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…
By PATRICK LAVERY The July 21 decision by President Joe Biden to stand down from a re-election bid, clearing a runway for Vice President Kamala Harris to face former President Donald Trump in November, reinvigorated the 2024 presidential race and brought renewed emphasis to one debate in particular: whether it was Trump, in the final…
Mortgage applications saw an upswing last week driven by a refi boost as rates fell to a multi-month low. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — jumped by 3.9%. Adjusted purchase applications decreased by 3%, while the unadjusted index was…
Mortgage applications fell last week as rates hovered around 7%. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — slipped by 0.2%. The results include an adjustment for the Fourth of July. Adjusted purchase applications increased by 1%, while the unadjusted index…
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…
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