After dropping significantly during the first two weeks of August, mortgage rates have plateaued ahead of a key economic announcement on Friday. That’s when Federal Reserve Chair Jerome Powell is set to speak at the annual Jackson Hole Economic Symposium in Wyoming. Powell is expected to deliver an update on U.S. monetary policy to central
Have lower mortgage rates already started to slow down housing inventory? I have a simple weekly growth model with the Altos inventory data: when rates are high, over 7.25%, inventory should grow between 11,000-17,000 weekly. This has happened six times this year and even though that would be an average inventory growth level with higher
When mortgage rates logged their sharpest decline of the year last week following an underwhelming jobs report, data showed that refinance demand surged. Despite what seems like welcome news for loan originators, who have suffered through thinning margins for two years, refinance business has yet to go up much, LOs told HousingWire. “I was going
If we took the worst levels of the spreads from 2023 and incorporated those today, mortgage rates would be 0.48% higher right now. While we are far from being average with the spreads, the fact that we have seen this improvement is a plus this year. 10-year yield and mortgage rates Last week, inflation data
The program is only for primary residences and the first mortgage must have a minimum seasoning period of 24 months. The maximum loan amount is $78,277. Freddie Mac will be allowed to purchase up to $2.5 billion in second mortgages over a period of 18 months. “The thoughtful engagement from public stakeholders confirmed the value
After last week’s jobs week, everything gets more intriguing as each month passes. The labor market has gotten softer but hasn’t broken yet. As we approach the midway point of the year, let’s examine last week’s data. 10-year yield and mortgage rates Last week, the labor data, a vital driver of the 10-year yield and
Even after dropping considerably over the past month, mortgage rates remain well above 7% ahead of the next U.S. jobs report and the next meeting of Federal Reserve policymakers. Mortgage rates were nearly flat on weekly basis as HousingWire’s Mortgage Rates Center showed that the average 30-year rate for conforming loans was 7.23% on Tuesday,
10-year yield and mortgage rates As we approach a crucial week for mortgage rates, the 10-year yield and labor data could influence the Fed’s decisions. If we witness more softness in the labor market, the 10-year yield and the labor data will eventually force the Fed’s hand. However, the Fed wouldn’t mind seeing mortgage rates
Traditionally speaking, the spreads between the 10-year and mortgage rates is 1.60%-1.80%. Right now, the difference between them is 2.60%. However, compare that to the worst levels last year, when the spread got as high as 3.10%. That’s a 0.50% difference in rates. For the rest of the year, it’s all about the labor market.
My model for inventory growth with higher mortgage rates came crashing down last week. After two weeks of significant increases, inventory growth slowed dramatically and is far from my 11,000-17,000 growth model with mortgage rates over 7.25%. Did the recent dip in mortgage rates play a role here or is this the average choppy weekly