Tag Archives: Federal Reserve

Despite the Fed continuing to raise interest rates, overall mortgage refinance application volume rose 10% week-over-week, hitting levels last seen in September of 2022.

Freddie Mac reports that mortgage rates slid this week after two consecutive weeks of gains, amid both the failure of yet another bank and another rate hike from the Federal Reserve.

As interest rates remain high, a new study from Zillow has found that 15% more borrowers purchased mortgage points in 2022 than 2021, and continue to do so as interest rates hover around 6%.

After a five-week string of declining rates, mortgage rates rose modestly for the second consecutive week, on the eve of the GSE’s enacting changes to loan-level price adjustments geared toward tackling housing affordability challenges nationwide.

The historic ninth increase of interest rates in just over a year occurred at the conclusion of the Federal Open Market Committees March meeting. Click through to find out how much rates are going up this time.

As a result of slowing market activity and steadily increasing interest rates, a new HouseCanary report revealed early signs of housing market activity growth halted due to the latest round of rate hikes.

While unemployment and mortgage rates have both dropped recently, unsustainably high consumer spending and inflationary pressures are expected to push the economy into a recession during Q2 of 2023.

What caused the uptick in fixed mortgage rates, and what might it mean for the housing market in the months ahead?

Freddie Mac reports the fixed-rate mortgage has fallen to its lowest level since mid-September, as buyers begin to return to the market ahead of the spring homebuying season.

"In our view, the balance still suggests a modest recession, particularly if the Federal Reserve maintains its focus on labor market tightness,” said Doug Duncan, SVP and Chief Economist for Fannie Mae.