“Recent indicators point to modest growth of spending and production this quarter,” Powell said in Wednesday’s Federal Open Market Committee’s (FOMC) press conference. “Consumer spending appears to be expanding at a subdued pace, in part reflecting tighter financial conditions over the past year. Activity in the housing sector continues to weaken, largely reflecting higher mortgage … [Read more…]
Show Summary What’s up freedom fighters?! Hey, welcome back to the show! Today we’ll answer a question from my buddy Jonathan, who actually is in my local market. By the way, you…
Mortgage rates moved down another four basis points this week, as the markets anticipated the 25 basis point increase the Federal Open Market Committee announced on Wednesday. The Freddie Mac Primary Market Survey for Feb. 2 found the average for the 30-year fixed rate mortgage at 6.09%, down from 6.13% one week prior. The 15-year … [Read more…]
Mortgage rates responded favorably to yesterday’s press conference with Fed Chair Powell. We discussed that move in detail in yesterday’s commentary: Fed Hikes Rates. Mortgage Rates Drop. Here’s How That Works. Now today, the average lender improved just a bit more as the Fed’s European counterpart released its latest policy announcement. Like the Fed, the European Central Bank (ECB) hiked rates at the same pace expected by markets but delivered comments that left the bond market feeling more upbeat. In the case of the ECB announcement, it was logically the European bond market that felt more upbeat. But there’s a certain amount of interconnectedness among the world’s leading markets, so it’s common to see spillover into US rates when something is pushing EU rates lower. Given that US rates already experienced a fairly large move yesterday, they were somewhat resistant to the idea of going on a wild road trip toward even lower levels with their crazy European friends. US rates were nonetheless on that trip just long enough for the average 30yr fixed rate quote to touch 5.99% for top tier scenarios. For all practical purposes, that means mortgage rates are basically at 6% with some lenders quoting slightly lower and a few more lenders quoting slightly higher. Friday morning brings the important jobs report which has the power to push rates quickly higher or lower depending on the outcome of the data.
The latest Freddie Mac index measured the 30-year fixed mortgage rate at 6.09% on Thursday, down four basis points from the previous week.
I was reading up on what’s new in the mortgage markets and the economy over the weekend, and one piece of reporting caught my eye because it seemed like it couldn’t possibly be true. It was talking about how the Obama administration is considering making a move later this month where Fannie Mae and Freddie […]
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Itâs a sellerâs market in Utah. Intense competition for a limited supply of homes has made getting into a home difficult. That leaves many prospective […] Read More
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Long gone are the days where the market waits to find out he size of a rate hike/cut. The current regime clearly communicates these things ahead of time and takes what the market gives. Right now, 25bps has been communicated and also priced-in by the market. That won’t be a surprise. Less obvious, but still likely surprising to some will be the way Powell delivers the message in the press conference. Hopefully markets haven’t confused a “smaller rate hike” with a softer stance from the Fed. Powell’s message will likely reiterate that fact. The big question is whether the average trader appreciates and understands the Fed’s stance. They probably do, based on the reluctance to challenge the prevailing range in the past 3 weeks, but we’ll find out for sure after 2:30pm ET.
If inflation stalls out and mortgage rates fall toward 5%, we can stop the bleeding in the one sector that is in a recession.
After peaking in the second quarter of 2006 and reporting its first year-over-year decline in January of…