Since taking office on the Federal Reserve Board of Governors in September, Stephen Miran has pushed for a looser monetary policy. At both the September and October Federal Open Market Committee (FOMC) meetings, Miran dissented from the majority vote to cut interest rates by a quarter point, in favor of a higher cut by half…
Applications for home purchases hit their fastest pace since September this week, despite a recent uptick in mortgage rates. Borrowers continue to shop for homes especially in markets where inventory has increased and price growth slowed, mortgage data watchers said. The Mortgage Bankers Association (MBA) reports that the market composite index—the measure of mortgage loan…
Following Fed Chair Jerome Powell’s comments last week that a December rate cut is not a guarantee, economists said mortgage rates moving higher was an expected market response but also one that favors an improving climate for home affordability. According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the average…
Mortgage application activity was mixed this week with overall purchase applications declining from last week, but a slight uptick in FHA loan applications and refinance applications still up significantly over last year indicates borrowers continue to look for ways to make homeownership more affordable. The Mortgage Bankers Association (MBA) reports that the market composite index—the…
Federal Reserve Governor Lisa Cook pointed to tariffs as the cause of a recent rise in inflation data during a Nov. 3 speech on economic outlook and monetary policy. During her speech, Cook noted the rise in inflation as of the September PCE report, which saw annual inflation hit “significantly” above the Fed’s 2% inflation…
Mortgage rate watchers point out that so far this year rates have fallen 87 basis points from their mid-January peak, a welcome event for homebuyers that have been waiting on the sidelines and homeowners who have been considering refinancing. According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the average…
After four weeks of consecutive drops in activity, mortgage applications break the streak with gains for refinance and purchase applications. The Mortgage Bankers Association (MBA) reports that the market composite index—the measure of mortgage loan activity volume—increased 7.1% on a seasonally adjusted basis for the week ending Oct. 24. The index increased at nearly the…
Consumer reports of economic confidence are mixed in October as the government shutdown and other economic challenges persist. The latest Consumer Confidence Index from The Conference Board found that confidence fell by one point to 94.6 in October, down from an upwardly revised 95.6 in September. Stephanie Guichard, senior economist of Global Indicators at The…
Uncertainty is in the air as the government shutdown persists, with many on edge waiting for the Federal Reserve’s next meeting and a potential interest rate cut. Despite the delay of most government data releases that help the Fed determine rate cut decisions, the latest Consumer Price Index—an inflation gauge from the Bureau of Labor…
With mortgage rates continuing to decline–to their lowest point in over a year this week–refinance activity enters its sixth week at a high pace. According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the average 30-year fixed-rate mortgage (FRM) slid another eight basis points this week to 6.19% from last…
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