Today we get our first glimpse of the carnage in the housing market from August. With mortgage rates having soared and homebuilder sentiment tumbling (and permits plunging), it should be no surprise that existing home sales were expected to fall for the 7th straight month (-2.3% MoM vs -5.9% MoM in July).
Newsfeed: US Existing Home Sales Sink For 7th Straight Month Read More »
Tl;dr: For the 3rd meeting in a row, The Fed hiked 75bps as expected but signaled a much more hawkish than expected future trajectory of rates (higher for longer).
The average interest rate on the most popular U.S. home loan climbed to its highest level since October 2008, Mortgage Bankers Association (MBA) data showed on Wednesday.
Newsfeed: U.S. mortgage interest rates reach 6.25%, highest level since October 2008 Read More »
Federal Reserve Chair Jerome Powell warned that the US housing market is likely to suffer a reversal in the wake of policy makers’ interest-rate hikes.
Newsfeed: Powell Warns of Correction in Once ‘Red-Hot’ Housing Market Read More »