Dave Stevens on understanding this housing market
Dave Stevens discusses the psychology of this housing market and five things loan originators need to remember if they want to succeed now.
Dave Stevens discusses the psychology of this housing market and five things loan originators need to remember if they want to succeed now.
Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.45 percent, up from 4.37 percent.
Long-term mortgage rate hits lowest level in 4 months Fort Worth Business Press
I came across this chart two weeks ago and I stopped in my tracks.
“The Fed’s interest rate hikes are having their intended effect on prices, as monthly apartment rents decreased nationwide,” Obrinsky said. He added that although rents are still higher than year-ago levels, this reflects past, not current rent inflation. NMHC’s sales volume index was also below the break-even level at 10. Around 82% reported lower sales … [Read more…]
If you thought the low mortgage rates were gone forever, think again. Per Freddie Mac, mortgage rates just had their best week in over a decade, thanks in part to the latest Fed policy meeting. The popular 30-year fixed averaged a very attractive 4.06% this week, down from 4.28% last week and 4.40% a year… Read More »Mortgage Rates Just Had Their Best Week In Over a Decade
The post Mortgage Rates Just Had Their Best Week In Over a Decade appeared first on The Truth About Mortgage.
This week, the Federal Reserve raised its benchmark interest rate by another 0.5 percent â its seventh consecutive increase in 2022. This December rate hike comes as the result of continued efforts to curb inflation, an uphill battle the Fed has been facing since the start of the pandemic. Still, the 0.5 percent increase is… View Article
The post Fed Raises Rates Again by 0.5 Percent, Committed to Curbing Inflation first appeared on Total Mortgage.
No Major Reaction to Data Means More Focus on Next Week Thursday morning’s economic data provided one of only two major opportunities for this week’s scheduled events to ruffle the bond market’s feathers. Despite a trifecta of stronger numbers (Claims, GDP, Durable Goods), bonds were right back to pre-data levels in less than an hour. Granted, we closed slightly weaker, but most of that weakness was in place at the open. This places all the more focus on next week’s events which include both ISM reports, NFP, and central bank announcements from the Fed, Bank of England, and the ECB. Econ Data / Events GDP 2.9 vs 2.6 f’cast, 3.2 prev Jobless Claims 186 vs 205 f’cast, 192 prev Durable Goods 5.6 vs 2.5 f’cast, -1.7 prev Core Durable Goods -0.2 vs -0.2 f’cast, 0.0 prev Market Movement Recap 09:20 AM Moderately weaker overnight. Additional losses after 8:30am data, but a modest recovery since then. 10yr up 2.5bps at 3.476. MBS down only 1 tick (-0.03). 01:20 PM Choppy morning giving way to better gains now after a strong 7yr Treasury auction. 10yr yield still up 2.2bps on the day at 3.473. MBS down only 2 ticks (.06). 03:34 PM MBS losing some ground over the past 90 minutes with 5.0 coupons down an eighth on the day (also down about an eighth from the highs seen at 2pm). 10yr yields up 4.2bps at 3.493.
Despite a recent decline in mortgage rates, the housing market is still nowhere near normal and volume will remain low for the foreseeable future.
Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on…