Mike Fratantoni, MBA Chief Economist and Senior Vice President of Research and Industry Technology, continued to forecast 2024 growth in both purchases and refinances while speaking on a Jan. 16 webinar panel hosted by Snapdocs, Covina, Calif.
Tag: Mike Fratantoni
Job Market Grows by 216,000 in December
The job market held steady in December, with growth in payrolls of 216,000 and the unemployment rate unchanged at 3.7%, the U.S. Bureau of Labor Statistics reported Friday.
Quote: Dec. 20, 2023
“With the positive news about the drop in inflation, and the FOMC projections proclaiming a pivot towards rate cuts, the 30-year fixed mortgage rate reached its lowest level since June 2023, declining to 6.83%.”
–Mike Fratantoni, MBA’s SVP and Chief Economist.
MBA: November New Home Purchase Mortgage Applications Increased 21.8%
The Mortgage Bankers Association Builder Application Survey data for November 2023 shows mortgage applications for new home purchases increased 21.8% compared from a year ago.
Quote: Dec. 15, 2023
“MBA and its members have led the industry in advocating for legislative reforms to stop the unwanted harassment of consumers resulting from trigger lead abuses. We commend Senators Jack Reed and Bill Hagerty for introducing the Homebuyers Privacy Protection Act to protect consumers while preserving the legitimate use of trigger leads in appropriately narrow circumstances during a real estate transaction.”
–MBA President and CEO Bob Broeksmit, CMB
FOMC Holds Rates Steady
The Federal Open Market Committee held interest rates steady yesterday–as many forecasters had predicted.
Quote: Dec. 14, 2023
“It is all about the pace of cuts from here. This is good news for the housing and mortgage markets. We expect that this path for monetary policy should support further declines in mortgage rates, just in time for the spring housing market.”
–MBA SVP and Chief Economist Mike Fratantoni, discussing Wednesday’s Federal Open Market Committee decision to hold interest rates steady.
Jobs Increase in November, Unemployment Rate at 3.7%
Total nonfarm payroll employment increased by 199,000 in November, and the unemployment rate now sits at 3.7%, the U.S. Bureau of Labor Statistics reported.
Quote: Dec. 11, 2023
“As in recent months, job growth has been concentrated in just a few sectors, notably health care, government, and leisure and hospitality, while employment is little changed or declining in other sectors.”
–MBA Senior Vice President and Chief Economist Mike Fratantoni
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.