As expected, the Fed raised their key interest rate at their meeting last week. Fed Chair Powell commented after the announcement that they will be monitoring conditions and will raise again in September if conditions warrant. We’ll see. He said they’ll be watching the inflation numbers and two jobs reports that come out in the
Last week’s favorable report on consumer inflation helped mortgage rates improve nicely just in time for the release of Freddie Mac’s weekly mortgage rate report. In it, we saw a healthy decrease in average mortgage rates for both 30-year and 15-year fixed-rate loans. However, that was last week and this is this week. This week
Last week’s inflation data showed a further slowing in the pace of inflation, which is good news for the growth and health of the economy. Since we’re discussing inflation, I thought I’d take this opportunity to remind you of the relationship between inflation and mortgage rates. In general, higher inflation also means the price of
This week is a case of good news, bad news. Good news is that the economy is proving to be resilient and the housing market strong. The downside of this situation is that inflation continues to persist, a factor that is pushing mortgage rates higher. The robust housing market is also causing inventory to be
This time of year, with summer and long holiday weekends it seems the markets and even rates move sideways and this week has been no exception. In fact, “Mortgage rates have hovered in the six to seven percent range for over six months and, despite affordability headwinds, homebuyers have adjusted and driven new home sales
As we wrap up June, the third quarter, and the first half of the year, mortgage rates are holding steady, as they have been for most of the month of June. This month looks to be ending as the least volatile month in well over a year. For analysts, this absence of much movement signals
As we begin a holiday-shortened week due to the Juneteenth Holiday, we saw rates end last week taking pause as markets digest the events of last week including the Fed pausing its rate hikes and giving some clues as to what it will do in the future. There was also interesting inflation data and lots
A big Fed Meeting this week had traders and markets holding their collective breaths. The latest inflation readings show consumer prices increasing at the smallest rate in more than two years. Analysts were hopeful that the Fed would pause their rate increases, which they announced today they would pause interest rate increases. Mortgage rates barely
By the end of last week, thanks to a robust jobs report, mortgage rates have trended higher based on positive news about the economy. The likelihood has increased that the Fed will raise interest rates at its next meeting. According to Freddie Mac’s lead economist, Sam Khater, the demand for home purchases has been steady,
Mortgage rates dropped nicely to start this holiday-shortened week after they’ve been moving higher, especially before the holiday weekend. According to Freddie Mac’s weekly survey, the U.S. economy is showing resilience, and combined with concerns about the debt ceiling, mortgage rates have pushed higher, until this week where we’ve seen some improvement so far. In
