The average rate on the 30-year fixed mortgage shot significantly higher Friday, rising 24 basis points to 4.95%, according to Mortgage News Daily. It is now 164 basis points higher than it was one year ago.
Newsfeed: Mortgage rate soars closer to 5% in its second huge jump this week Read More »
Federal Reserve Governor Christopher Waller said longer-run structural issues will continue to put upward pressure on home prices and rents even as the central bank begins a campaign to raise borrowing costs.
Newsfeed: Inflation measures risk understating housing costs, Fed governor says Read More »
Despite the unexpected plunge in existing home sales, analysts expected new home sales in February to rebound modestly from January’s drop but they were wrong (again) as new home sales fell 2.0% (+1.1% exp) and worse still January’s 4.5% drop was revised drastically worse to a 8.4% plunge.
Newsfeed: New Home Sales Unexpectedly Tumble In February As Mortgage Apps Crash Read More »
As the latest existing home sales report cautioned, with NAR chief economist Larry Yun warning that “housing affordability continues to be a major challenge…”
Newsfeed: Housing Affordability Is About To Crash The Most On Record Read More »
After unexpectedly plunging in January, pending home sales were expected rebound very modestly in February (despite both new- and existing-home-sales tumbling as mortgage rates soar).
Newsfeed: US Pending Home Sales Plunge For 4th Straight Month Read More »
As a result of the recent spike in rates, economists are now lowering their home sales forecasts for this year.
The U.S. bond market reeled further on Tuesday, extending Monday’s declines after Federal Reserve Chair Jerome Powell’s aggressive rate hike comments drove yields on short-dated Treasuries to one of their biggest daily jumps of the past decade.
Newsfeed: Bonds Extend Drop After Fed Sparks One of Worst Days in Decade Read More »
Existing home sales plunged a bigger than expected 7.2% MoM in February – the biggest MoM drop in existing home sales since May 2020…
Mortgages and other interest rates are rising and likely to keep going up with the Federal Reserve ending easy-money policies adopted during the pandemic.
Newsfeed: The Fed got inflation badly wrong — and now it admits there’s no quick fix Read More »
Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk posted in a Twitter thread on Monday advising followers to own “physical things” when inflation is high. In the tweet, Musk said “As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high.