Mortgage rates held steady this week, remaining unchanged from last week but still lingering at a near three-year high–a level one economist says is having a “chilling effect” on the housing market. The latest Freddie Mac Primary Mortgage Market Survey® released Thursday shows the average 30-year fixed-rate mortgage rate remaining at 7.40%, the same level…
As mortgage rates for traditional 30-year fixed-rate loans reached a near three-year high last week, buyers are increasingly turning to adjustable-rate mortgage (ARM) applications to reduce their monthly costs. Economists have watched the ARM share of overall applications climb to one-year high of 10.5% in recent weeks, driven by introductory rates that sit almost a…
Despite the Federal Reserve’s attempts to combat inflation, the latest data from the U.S. Bureau of Labor Statistics (BLS) reveals that such progress may be minor, or nonexistent. The September CPI report saw a 0.6% monthly increase, with annual inflation gaining traction once again at 3.7%. The latest data is up from August’s report, which…
The mid-September Federal Reserve Open Market Committee (FOMC) meeting came with a unanimous vote to hike interest rates, after many economists predicted that outcome. Minutes from the meeting released today, however, reveal some of the thinking behind that decision. The minutes offer a closer look at the reasoning behind the Fed’s rate hike. Based on…
Borrowers looking to purchase or refinance their homes continue to sit on the sidelines, hesitant to make a move as mortgage rates sailed past the seven-percent mark and arrived at their highest level in almost three years–at one point hitting 7.49% last week. The latest Market Composite Index from the Mortgage Bankers Association (MBA)—its measure…
Editor’s note: Econ Review is a roundup of the housing and economic market data reports released during the month. Typically, the real estate industry enters a slower period as the end of the year approaches. The cold seasons bring a deceleration in sales and other activity, and September ushers in the transition period between the…
The Bureau of Economic Analysis (BEA) reported that inflation grew at a faster rate throughout August, possibly contributing toward the Federal Reserve’s decision to raise rates in mid-September. The Personal Consumption Expenditures (PCE) price index increased 0.3% on a monthly basis, a slight increase from July’s index increase of 0.2%. On a yearly basis, inflation…
Following a not-so-rosy monthly report in August, nonprofit research firm The Conference Board’s Consumer Confidence Index, which measures American opinions of current economic conditions and their outlook for the next six months, wasn’t much better news in September, fell by 6.7 points to 81.9, down from 88.6 in August. The Present Situation Index—based on consumers’…
Mortgage rates continue to climb, this week reaching their highest point since January 2025, and leaving buyers with an uphill battle at a time when the summer lull typically retreats. And, with a swath of housing indicators–existing home sales, pending home sales, home purchase applications–hitting recent lows or reaching negative territory along with no sign…
Homebuyers and owners looking to refinance pushed the pause button again this week as rates soared over 7%, a move economists attribute to ongoing economic uncertainty and geopolitical forces, namely the continuing conflict in the Middle East. The latest Market Composite Index from the Mortgage Bankers Association (MBA)—its measure of mortgage loan activity volume and…
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