Hope you’re having a wonderful week! I wanted to share some important updates on the mortgage market and discuss how these trends could translate into real savings for you. Interest Rates: A Rollercoaster Ride (But Heading in the Right Direction!) As you may have heard, interest rates have been fluctuating lately. While they ticked up
Welcome to June! Let’s talk about mortgage rates…This past week, rates unfortunately moved higher due to a few key factors: • Treasury Department Needs More Revenue: The government needs to sell more debt to fund spending, and recent auctions haven’t been as strong as hoped. This pushes interest rates higher.• Fed Signals Higher Rates for
The Federal Reserve’s latest moves have created some uncertainty and confusion in the markets, and as we know, uncertainty creates volatility. While Fed Chair Jerome Powell hints at 3 potential rate cuts in 2024, Atlanta Fed President Rafael Bostic sees only one cut on the horizon. This disharmony among Fed members contributes to market volatility.
The upward trend that we’ve seen for rates over the last four weeks continued last week, according to the latest survey of average mortgage rates by Freddie Mac. Fortunately, the inflation data that came out last week – the PCE Index, which is the Fed’s favorite gauge of inflation – met expectations at 2.8 percent
Wow, what a wild ride for mortgage rates last week! Let’s unpack what happened and what it means for you. First, the Fed meeting adjourned on Wednesday afternoon, and as expected, they paused a hike of its key interest rate (called the Fed Funds Rate). The bond market reacted favorably, and as a result, mortgage
Happy New Year! May 2024 be your best year yet! On that note, if you’re planning a home purchase, mortgage rates have dropped to their best levels since last May. And interestingly, the 10-year Treasury Note – which mortgage rates often follow – ended 2023 at similar levels as it started 2023. Mortgage rates behaved
As we’ve seen mortgage rates continue to drop, now, for the fifth week in a row, buyers are beginning to come back in the housing market, as reflected in the rise of applications for new mortgages. Signs are also showing up in the wider market to support mortgage rates improving, like the 10-year Treasury yield
As we kick off the fourth quarter of the year, market conditions are not getting better for home buyers as mortgage rates continue to rise and housing inventory remains challenging. Yes, homes are still moving, being bought and sold, and transactions are happening but conditions are not what we’d love them to be. Why? Largely
Rates remain in the flattest trend they’ve seen in a long time. It may not seem like it if you’re looking at the up and down gyrations of rates day to day, but the trend since Q4 2022 has been in and around the mid-6 percent level for a 30-year fixed rate mortgage, for the
Just since Thursday’s release of Freddie Mac’s survey of average mortgage rates we’ve seen rate volatility bounce up and down like a ping-pong ball. Freddie Mac’s survey reported a moderate increase in rates for the week. Friday showed a little improvement, then Monday we saw a sell-off in the bond market, which caused rates to
