The big drop in mortgage rates did more to spur refinancing than homebuying, according to a weekly survey of lenders by the Mortgage Bankers Association, and now rates are rising again. Continue reading
Jobs reports trigger recession fears, sending rates on 30-year fixed-rate mortgages plunging to new 2024 lows as investors rotate out of stocks and into bonds. Continue reading
Fed policymakers are acknowledging that while they’re determined not to cut rates until inflation is tamed, they’re also worried about waiting too long — and throwing the economy into a tailspin. Continue reading
As inflation gets closer to Fed’s 2 percent target, economists at Fannie Mae and the Mortgage Bankers Association predict mortgage rates will continue to drop into the low sixes by the end of next year. Continue reading
Applications for purchase mortgages dropped last week for the second week in a row as rising home prices continue to shut many would-be homebuyers out of the market. Continue reading
As for-sale listings continue to surge, many would-be homebuyers are still having trouble finding properties that they can afford and prices are already coming down in some markets Continue reading
Lending industry leaders surveyed by Fannie Mae see the lack of housing supply as the biggest risk factor in 2024, but most expect refinancing to pick up next year if rates continue to fall. Continue reading
One issue for would-be homebuyers seeking jumbo mortgages is that rates haven’t come down as dramatically as they have for conforming mortgages eligible for purchase by Fannie Mae and Freddie Mac. Continue reading
Overall inflation rose just 3 percent on an annual basis in June, according to Bureau of Labor Statistics. The 10-year Treasury yield, an indicator of mortgage rates, plummeted on the news Thursday. Continue reading
NAR Chief Economist Lawrence Yun told CNBC he expects mortgage rates to settle around 6 percent, a prediction he’s made before. A look back at two years of his forecasts amid a chaotic economy. Continue reading