Mortgage Biz Focused On Upcoming Fed Meeting

By PATRICK LAVERY Merriam-Webster says the phrase “kick the can down the road,” derived from an old children’s game, first entered the American political lexicon in the mid-1980s, about 40 years ago. It may have seemed like 40 years, but it will be just one, come July – at least – since the Federal Reserve Board will have last budged its federal funds rate with all indications pointing to the range remaining the same, at 5.25% to 5.50%, when the Federal Open Market Committee concludes its next meeting this Wednesday. CME Group’s FedWatch tool places the probability that the rate will hold steady at 99.4%, followed by a 91.1% chance of staying the same at the meeting scheduled to conclude…

Rate Hike Pause Predicted, Investors Watching Closely For End Of Year Indicators

By PATRICK LAVERY With the end of the third quarter of 2023 in sight, indications are that the Federal Reserve will pause hiking its federal funds rate this week – as it did in June before again raising the target range in July – and investors will be watching closely on Wednesday to see if Chairman Jerome Powell gives any indication as to what they might do to end the calendar year. The FOMC’s course of action, while holding no direct bearing on mortgage rates, acts as a strong indicator of what direction those rates will go in next. According to Business Insider, a pause on the part of the Fed won’t do much to move mortgage rates, currently above…

Listen To The Mortgage Note’s Spring Podcast

The Mortgage Note’s team has been tracking national trends and the ways companies are working to attract buyers and sellers to the market this spring. Editor Kimberley Haas interviewed industry leaders to learn more about what they are seeing and what products are being offered for this podcast. If you would like to participate in future episodes, please email us at [email protected]. Read Articles Featuring The Guests: Sun Belt Success And Stress: One-On-One With Troy Williamson Support For Multifamily Homebuyers On The Rise Innovations In Lending: One-On-One With Knock CEO Sean Black Growing Enterprises: Presale Home Renovation Company Revive Continues National Expansion Follow Us On Twitter: The Mortgage Bankers Association's National Advocacy Conference is taking place in Washington, D.C. What…

Rate Hikes Happening As Spring Homebuying Season Starts

By PATRICK LAVERY Interest rates are rising as the spring homebuying season starts in many parts of the country. Federal Reserve Chair Jerome Powell indicated in his testimony before U.S. lawmakers this week that although the central bank’s policymakers have yet to decide how large their next rate hike will be, “the ultimate level of interest rates is likely to be higher than previously anticipated” based on the latest economic data. They will be meeting on March 21 and 22. “As I have mentioned in my testimony, the data we have seen so far this year suggests that the ultimate level of rates will need to be higher. We still have some more data to come in between now and…

Sun Belt Success And Stress: One-On-One With Troy Williamson

By KIMBERLEY HAAS Craving some sunshine? You are not alone as the migration to the Sun Belt continues past the pandemic. Data from U-Haul and North American Van Lines shows that the Carolinas, Florida, and Texas were among the top inbound states for migration last year. That trend is expected to continue. And as the state of North Carolina sees an influx of new residents, the coastal city of Wilmington has been attracting accolades. It was listed as the second best place to live in North Carolina by Forbes Advisor last fall, coming in after Raleigh, the state’s capital. In January, the median listing home price in Wilmington was $435,700, trending up 18.1% year-over-year. The median home sold price was…