Mortgage rates rise for the fourth day in a row, pushing back through 7% as more worrisome inflation data puts to rest any lingering hopes for a Federal Reserve rate cut this spring
'Quantitative tightening' — the Federal Reserve's moves to trim $35B in mortgages from its balance sheet each month — could keep mortgage rates from falling dramatically this year
With mortgage rates hovering above 7%, requests for purchase loans were down by a seasonally adjusted 5% week over week and 2% lower than a year ago, MBA lender survey finds
Applications for purchase loans have dropped 4 weeks in a row, plummeting by a seasonally adjusted 10% last week, according to a survey of lenders by the Mortgage Bankers Association
MBA lender survey shows applications from homebuyers are down 12% from a year ago, as mortgage rates continue to rebound from December lows on stubborn inflation data
While Federal Reserve policymakers had forecast 3 rate cuts next year, futures markets see an 85% chance of at least 6 rate cuts after a key inflation metric shows the economy is cooling rapidly
Rates keep falling as fresh data pours in, with investors who fund most mortgages still convinced the Federal Reserve will begin lowering rates in the spring to avoid strangling the economy
Tuesday's big drop in rates followed an encouraging inflation report, with bond market investors now convinced the Federal Reserve is done hiking rates and may reverse course in the spring
Speaking at an IMF research conference, Powell said the Fed is committed to raising rates as high as needed to bring inflation down, and 'we are not confident that we have achieved such a stance'
Employers added 336,000 jobs in September, the biggest jump since January, raising the odds that the Fed will pursue 'higher for longer' rate strategy to get inflation under control
Fed's 'higher for longer' rate strategy drives yields on long-term Treasurys higher, and mortgage rates follow to highest levels in over 20 years, MBA lender survey shows
Drop in unemployment claims on the heels of hawkish Fed warnings sends 10-year Treasury yields soaring to a 15-year high, with mortgage rates likely to follow
Treasury yields, a barometer for mortgage rates, barely budged Wednesday as bond market investors look ahead to next year when the Fed is expected to start bringing rates back down
After dipping to lowest level since April 1995, applications for purchase mortgages edge up 2% week over week but remain down 27% from a year ago as mortgage rates retreat from 2023 highs
As mortgage rates hit new post-pandemic highs on inflation worries, MBA survey finds purchase loan demand down 5% week over week and 30% from a year ago