The Federal Reserve’s recent decision to reduce rates by 50 basis points, with further cuts expected through 2025, offers a key turning point for the mortgage industry.
Tag: Interest Rates
Vaultedge CEO Murali Tirupati–Fed’s Rate Cuts Signal Growth: Positive Outlook for Mortgage Lending in 2025
The Federal Reserve’s recent decision to reduce rates by 50 basis points, with further cuts expected through 2025, offers a key turning point for the mortgage industry.
Redfin: Existing-Home Sales See Lowest July on Record Going Back to 2012
Redfin, Seattle, reported existing-home sales rose 0.6% month-over-month in July but fell 2% year-over-year to just 4,094,991–the lowest July on records going back to 2012.
ICE Mortgage Monitor: Share of Mortgages Above 5% Interest Rate Creeps Up
Intercontinental Exchange, Atlanta, released its latest mortgage monitor with May’s data. Among other findings, 24% of mortgage holders had interest rates of 5% or higher, up from just 10% in 2022.
TransUnion: Consumer Outlook Mixed in Q2
TransUnion, Chicago, released its Consumer Pulse Study for the second quarter, finding consumer concerns about inflation and interest rates have hit their highest levels in two years. However, more than half of Americans remain optimistic about their household finances over the next year.
Discover Home Loans: Homeowners Leaning Toward Renovation Amid Current Rates
Discover Home Loans, Riverwood, Ill., in a recent survey found 84% of American homeowners who were planning to buy a new home said their decisions have been affected by high interest rates.
Fannie Mae: Hot Economy, Inflation Likely to Keep Rates ‘Higher for Longer’
Stronger than expected economic and inflation data have pushed interest rates higher and financial markets to price in fewer Federal Reserve interest rate cuts this year, according to Fannie Mae’s Economic and Strategic Research Group.
GDP Grew at 1.6% in Q1; Industry Economists Weigh In
Real gross domestic product increased at an annual rate of 1.6% in the first quarter, per the advance estimate released by the Bureau of Economic Analysis.
First American’s Mark Fleming–How ‘Higher for Longer’ Impacts the Housing Market
In January, mortgage rates declined and affordability improved by nearly 2 percent compared with December, according to First American’s Real House Price Index. However, on an annualized basis, affordability decreased by approximately 7 percent.
Fed Holds Rates Steady
The Federal Reserve’s Federal Open Market Committee announced it would be holding the target range for the federal funds rate unchanged yesterday, as it continues to aim for a 2% objective for inflation.