Keeping Current News Today

Mortgage rate inched up again last week as the bond market grapples with a growing economy in the run up to the next FOMC meeting. 

After a slump in June, new home sales grew 4.4% in July. New home prices have declined year-over-year for the past four months, smoothing the affordability crisis.

Economists, analysts and mortgage execs say that mortgage rates could keep rising, possibly touching 8% in the coming weeks. We look at what that means for the housing market and how the 2024 forecast is shaping up.

U.S. single-family homebuilding picked up significantly in July to a seasonally adjusted annual rate of 1.452 million, according to the U.S. Census Bureau. But starts have been down 13 of the last 15 months on a year over year basis.

Inflation ticked up slightly in July but monthly price increases held steady, signaling continued moderation of the economy.

Mortgage rates continued to inch towards 7% this week as the 10-year treasury yields climbed past the 4% threshold.

On July 20, the Federal Reserve launched FedNow®, its new system for instant payments. FedNow® permits banks and credit unions to instantly transfer their customers' money...

The 30-year fixed rate averaged 6.81% this week, up from last week’s 6.78%. Rates are expected to remain elevated for the foreseeable future.

The Federal Reserve (Fed) raised the federal funds rate 25 basis points to the 5.25 to 5.5% range on Wednesday, its highest level in 22 years.

Census data on new home sales in May 2023 rose 12.2% from April 2023, continuing a three-months growth spurt.