The ongoing slump in existing home sales is quite likely to curb consumer spending in the U.S. in the not-too-distant future, economists at First American Financial warn. With the exception of the fourth quarter of 2024, existing home sales have declined year-over-year for 15 consecutive quarters. But durable goods purchases tied to housing are still […]
Stagnant home sales likely to be a drag on US economy Read More »
Mortgage rates rose this week as the latest Consumer Price Index report further dashed hopes in some minds for a Federal Open Market Committee reduction in short-term rates at its July meeting. “The 30-year fixed-rate mortgage inched up this week and continues to stay within a narrow range under 7%,” said Sam Khater, Freddie Mac
Mortgage rates rise as investors react to inflation news Read More »
Bloomberg News Inflation continued to rise in June, driven by rising costs of housing and suggesting the Trump administration’s emerging tariff policy is beginning to impact consumer prices. The Bureau of Economic Analysis reported that the Consumer Price Index increased 0.3% in June for an annualized climb of 2.7%. Core CPI, which factors out food
Uptick in CPI inflation complicates case for rate cuts Read More »
Despite speculation following the Federal Open Market Committee’s June meeting that a rate cut could come as early as this month, most economists still expect the central bank to hold off until September or later. Only one respondent in Wolters Kluwer’s Blue Chip Economic Indicators survey, conducted July 7 and 8, after the stronger-than-expected June
No Fed cut in July, nearly all economists surveyed say Read More »
The stronger-than-expected employment report is the catalyst for ending a five-week streak of declining mortgage rates, Freddie Mac reported. The 30-year fixed rate mortgage averaged 6.72% as of July 10, a gain of 5 basis points compared with the prior week when it averaged 6.67%, the Freddie Mac Primary Mortgage Market Survey reported. But it
Mortgage rates turn upward on strong jobs data Read More »
The Federal Reserve Bank of New York building.Bloomberg News The Federal Reserve’s policy rate is a long way from its lowest point, but markets remain concerned about a return to zero interest rates, according to findings from the Federal Reserve Banks of New York and San Francisco. In an economic letter released Monday, reserve bank
NY Fed report: Return to zero rates a ‘significant’ risk Read More »
Bloomberg News WASHINGTON — The House narrowly passed a massive tax and spending bill, capping months of deliberations and sending President Trump’s signature legislative priorities to his desk, where he is expected to swiftly sign it, symbolically, on July 4. The bill passed in a 218-214 vote, mostly along party lines. Reps. Thomas Massie of
GOP megabill cutting CFPB funding goes to Trump’s desk Read More »
For the first time since mid-April mortgage rates fell below 6.7%, but the data doesn’t take into account the diminished likelihood the Federal Open Market Committee will reduce short-term rates at this month’s meeting. It is a result of this morning’s jobs report coming in hotter than expected, with observers now postulating the Fed is
Mortgage rates drop again but chance of Fed cut also falls Read More »
A side effect of the rising costs of homeowners’ insurance is that mortgage borrowers elect to reduce coverage or take a higher deductible in order to reduce premiums. In either case, such actions could leave them underinsured and/or unable to finance repairs. This increases borrower default risk for mortgage servicers, and affects the value of
Gen Z and other homeowners to delay repairs due to economy Read More »
Federal Reserve Chair Jerome Powell.Bloomberg News Some Federal Reserve officials are starting to beat the drum for an interest rate cut, but not Chair Jerome Powell. During an onstage panel event in Portugal, Powell said he is not putting a rate cut on the table for this month’s Federal Open Market Committee. But he also
Powell unbowed by pressure to cut rates in July Read More »
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