The Federal Reserve’s preferred inflation gauge fell to 2.56 percent in May, getting closer to the Fed’s 2 percent target for the 2nd month in a row. Core inflation reading is lowest since March 2021. Continue reading
“The U.S. housing market is stuck, and we are not convinced it will become unstuck anytime soon,” economists at Bank of America Global Research say of ongoing affordability issues. Continue reading
Mortgage rates have been on the decline since late April, as closely watched data releases suggest the economy is cooling and that the Fed may start cutting rates as soon as September. Continue reading
Fannie Mae on Friday slashed its 2024 forecast as a result of weak spring home sales, but listings are returning to the market and mortgage rates look poised to drop, according to new projections. Continue reading
Purchase loan applications have surged for two weeks in a row, but rates for conforming mortgages are inching back up toward 7 percent this week as investors weigh the odds of Fed rate cuts. Continue reading
Key Fed inflation metric expected to drop June 28 following unexpected decline in May wholesale prices and jump in jobless claims to highest level since August 2023. Continue reading
Rates have returned to last week’s levels, when applications for purchase loans leapt by 9 percent from the week before, and refi applications surged by 28 percent. Continue reading
Employers added 272,000 jobs in May, far exceeding the consensus view among economists that payrolls would rise by 180,000 and the average of 232,000 over the past year. Continue reading
As rates on conventional mortgages head back above 7 percent, homebuyer demand for purchase loans is wilting, with applications dropping for a third week in a row last week, according to an MBA survey. Continue reading
Rates have been in retreat as bond market investors who fund most mortgage loans react to the latest economic news and scaleback in tightening by Fed policymakers. Continue reading