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
Policymakers now envision making just one rate cut this year, but investors who fund most mortgages are still betting the central bank will change its tune if inflation continues to ease. 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
In less than a week, a series of reports has changed the outlook for the timing and magnitude of future Fed rate cuts, sending mortgage rates into a five-day tailspin. 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
Bond market investors who fund most mortgages shrugged off hawkish remarks by Federal Reserve Governor Christopher Waller that he wants to see “several more months of good inflation data” before cutting rates. Continue reading
Homebuyers have yet to respond in force to drop in rates, which have been in retreat from 2024 highs for three consecutive weeks following Fed easing and soft jobs and CPI reports. Continue reading