By PATRICK LAVERY It wasn’t a reversal by any means, but the Federal Reserve Board voted Wednesday to maintain the federal funds rate target range. Following the July unfreezing of June’s pause, that range is, for now, staying at 5.25% to 5.5%. Federal Reserve Chairman Jerome Powell, in remarks to the press following the board’s…
Mortgage rates ticked down again, the second consecutive week of declines. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.69%, down from 6.71% the week prior. A year ago at this time, the 30-year FRM averaged 5.78%. The 15-year fixed-rate mortgage increased, however, up from 6.07% to 6.10%. A year ago, it…
Mortgage applications increased again last week while banking troubles forced rates down. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – rose by 6.5 %. The average interest rate for 30-year fixed loans fell from 6.79% to 6.71%, giving borrowers brief respite from…
Mortgage loan application volume fell another 2% last week, according to the Mortgage Bankers Association’s weekly survey. Interest rates rose to 6.81%, their highest point since 2006. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 2%. The adjusted purchase index fell 2%, while the unadjusted purchase index decreased 2%…
Mortgage loan application volume fell last week as mortgage rates topped 6% for the first time since 2008, nearly doubling year over year. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 1.2%. The adjusted purchase index rose 0.2%, while the unadjusted…
Inflation jumped by 9.1% YOY in June, more than analysts predicted and the largest gain since 1981, according to data released by the Labor Department today. The Consumer Price Index showed inflation rising 1.3% month-over-month, its largest jump since 2005. Predictions ahead of the data’s release forecast a 1.1% rise from May and an 8.8%…
With the July Federal Open Markets Committee meeting fast approaching, speculation about another substantial rate hike is running rampant. After June’s historic 0.75 percentage point interest rate hike, the third hike this year and the largest since 1994, analysts are watching the Fed closely. Recession fears are rapidly growing, with 70% of economists expecting it…
Good Morning! Today is Tuesday, February 22. In a speech, Putin laid claim to Ukraine as a country “created by Russia.” Prime Minister Boris Johnson lifted all restrictions in England and announced an end to most free testing. A Biden administration plan to reduce drug deaths will include clean-needle exchanges. The Mortgage Note Reports Rental Rates…
Federal Reserve Governor Michelle Bowman said the Fed could hike rates by half a percentage point in March, suggesting the move is necessary to fight inflation. Inflation is currently at a four-decade high, with the Consumer Price Index up 7.5% year-over-year in January 2022. “The nation is dealing with inflation at its highest level in…
Good Morning! Today is Thursday, January 27. Supreme Court Justice Stephen Breyer is retiring. Neil Young is removing his music from Spotify, saying it has become “the home of life-threatening Covid misinformation.” The U.S. rejected Russia’s demands that NATO retreat from Eastern Europe and bar Ukraine from ever joining, but offered other areas of negotiation….
End of content
End of content
Before You Go, Get the Latest News and UPDATES!
Stay Tuned!