Central bank policymakers drop short-term rates by 1/2 percentage point and signal more cuts ahead, but much of the impact may have already been priced in to mortgage rates
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
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
Fed Governor Michelle Bowman warns bankers that she thinks the Fed may need to hike rates more than once and keep them high next year to get inflation under control
The Consumer Price Index increased 0.2% in July and rose 3.2% annually, according to data released Thursday by the Bureau of Labor Statistics that suggests inflation is still cooling
As rates keep rising, requests to refinance accounted for just half of mortgage applications, down from 68% a year ago
The Fed could begin tapering as soon as November, adding momentum to market forces that have been pushing mortgage rates up in recent weeks