The government shutdown reaches its 15th day, leaving the housing market scarce as new pending sales pull back and buyer traffic slows down. With an unclear future for when the shutdown will end, mortgage applications decrease for the third consecutive week. The Mortgage Bankers Association (MBA) reports that the market composite index—the measure of mortgage…
As the government shutdown reaches day 14, the future remains uncertain. Although the Senate is set to reconvene today to vote on a Republican short-term spending measure, the fact that this is the eighth vote on the matter with little movement on stances from lawmakers has left much to be desired in terms of a…
Federal Reserve Governor Michael S. Barr warned Thursday that the central bank’s battle against inflation is far from over, with price pressures expected to persist until 2027, as rising tariffs continue to ripple across the economy. Speaking at the Economic Club of Minnesota, Barr said the Federal Reserve continues to face elevated risks on both…
Mortgage rates moved within expected patterns this week, edging down only slightly as the government shutdown reaches its ninth day. Last week, economists said rates were expected to remain within a tight range during the shutdown unless other unexpected developments emerge. According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday,…
As the government shutdown limits activity in many markets, mortgage applications continue to drop for the second consecutive week, aligning with projections stating that October would see less demand and less competition between homebuyers. The Mortgage Bankers Association (MBA) reports that the market composite index—the measure of mortgage loan application volume—decreased 4.7% on a seasonally…
At the September Federal Open Market Committee (FOMC), where interest rates were cut by 25 basis points, newly appointed Federal Reserve Governor Stephen Miran dissented and voted for a larger interest rate cut of 50 points. Miran has since called for further rate cuts. Today, at a moderated interview at the Managed Funds Association’s Policy…
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