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
Policymakers now envision making just one rate cut this year, but investors who fund most mortgages are still betting the central bank will change its tune if inflation continues to ease
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
In less than a week, a series of reports has changed the outlook for the timing and magnitude of future Fed rate cuts, sending mortgage rates into a 5-day tailspin back below 7%
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
Bond market investors shrug off Federal Reserve Governor Christopher Waller's warning that he wants to see 'several more months of good inflation data' before cutting rates
Homebuyers have yet to respond in force to drop in rates, which have been in retreat from 2024 highs for 3 consecutive weeks following Fed easing and soft jobs and CPI reports
Some borrwers were quick to spring into action, with applications for purchase loans rising by a seasonally adjusted 2% and requests to refinance up 5% week over week, MBA survey shows
Fannie Mae's latest National Housing Survey finds 67% of Americans agree April was a good time to sell, the highest level in nearly 2 years. But only 20% said it was a good time to buy
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
Requests for purchase loans dropped by 1% last week compared to the work before and were off 15% from a year ago, according to the latest Mortgage Bankers Association lender survey