Fannie Mae’s monthly National Housing Survey shows many Americans may be underestimating the odds that mortgage rates will continue to pull back from 2024 peaks
After spiking in the wake of the June 27 presidential debate, mortgage rates are trending down again on mounting expectations that the Federal Reserve will start cutting rates in September
Mortgage rates are on the rebound despite encouraging inflation data, as Fed policymakers stick to 'higher for longer' strategy until they see more conclusive evidence economy has cooled
The Federal Reserve's preferred inflation gauge fell to 2.56% in May, getting closer to the Fed's 2% target for the 2nd month in a row. Core inflation reading is lowest since March 2021
'The US housing market is stuck, and we are not convinced it will become unstuck anytime soon,' economists at Bank of America Global Research said of ongoing housing affordability issues
Mortgage rates have been on the decline since late April, as closely watched data releases suggest the economy is cooling and that the Fed may start cutting rates as soon as September
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
Purchase loan applications have surged for 2 weeks in a row, but rates for conforming mortgages are inching back up toward 7% this week as investors weigh the odds of Fed rate cuts
Key Fed inflation metric expected to drop June 28 following unexpected decline in May wholesale prices and jump in weekly jobless claims to 242K workers, highest level since August 2023
Rates have returned to last week's levels, when applications for purchase loans leapt by 9% from the week before and refi applications surged by 28%, MBA lender survey shows
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
As rates on conventional mortgages head back above 7%, homebuyer demand for purchase loans is wilting, with applications dropping for a 3rd week in a row last week, MBA survey finds
Rates have been in retreat as bond market investors who fund most mortgage loans react to the latest economic news and scaleback in 'quantitative tightening' by Fed policymakers
Fannie Mae and MBA economists are now in agreement that mortgage rates will come down only gradually this year and next but that home price appreciation will slow
Bond market investors who fund most mortgage loans are increasingly convinced the latest inflation numbers mean the Federal Reserve won't cut rates in June