PCE price index shows inflation continued to cool in July, but at a gentle enough pace that Fed policymakers are now seen as likely to only bring rates down by a hair in September
The Fed doesn't have direct control over mortgage rates, but they've come down dramatically as investors are convinced policymakers will cut rates at their 3 remaining 2024 meetings
Shares in the cloud banking solutions developer are down 14% after it says that mortgage tech business acquired for nearly $1B has been a drag on growth but is expected to pick up
S&P CoreLogic's report also showed that first-time homebuyers are being impacted most by rising prices, since prices in the lower end of the market are rising more quickly than other tiers
Falling mortgage rates have more homeowners interested in refinancing, but homebuyers are largely staying on the sidelines. Rates may now be poised for a bigger drop
Affordability challenges will limit growth in home sales to 0.5% this year — to just 4.78M — before surging to 5.19M in 2025, according to the latest housing forecast from Fannie Mae economists
Investors see a September rate cut as a given, but the latest inflation data suggests recession fears are overblown and that the Fed will start out with a modest, 25-basis point reduction
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 and MBSs that fund home loans
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
As inflation gets closer to Fed's 2% target, economists at Fannie Mae and the Mortgage Bankers Association predict mortgage rates will continue to drop into the low 6s by the end of next year
Applications for purchase mortgages dropped last week for the 2nd week in a row as rising home prices continue to shut many would-be homebuyers out of the market: MBA survey
As for-sale listings continue to surge, many would-be homebuyers are still having trouble finding properties that they can afford. Prices are already coming down in some markets
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
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 and Freddie
Rates surged and then pulled back last week in what could foreshadow more election-year volatility in the months ahead. Powell tells Congress Fed will remain above the fray