'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
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
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%
Sponsored Content
Rising home prices and mortgage rates may make it difficult for buyers this season
Mortgage rates have some room to come back down in June after PCE price index shows annual inflation easing to 2.65% in April, and Q1 2024 GDP growth revised downward to 1.3%
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
Deputy Director of Policy Michelle Corridon said Tuesday the agency would lift rules preventing vets from using low-cost VA loans to pay agents until it engages in a formal rule-making process
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
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