Daily Dose

“The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5.00% to 5.25%,” the Fed said in a prepared statement.

Despite a rise in overall mortgage apps week-over-week, the MBA reports that mortgage rates are a percentage point higher than a year ago, and when combined with low for-sale inventory, is constraining home buying activity in many markets.

According to Mortgage Capital Trading, rate/term refinance volume was down 21.88%, cash-out refinance volume was down 21.77%, and lock activity in total was down 15.87% in total compared to April.

“Our residents deserve opportunities to build their credit from on-time rent payments that give them access to more financial services such as favorable interest rates on auto loans,” said Matt DeGraw, President, Bridge Property Management.

A new LendingTree survey revealed how homebuyers who negotiate a lower APR could greatly impact how much they pay over the lifetime of their mortgage, with 39% of respondents saying they negotiated the initial APR or refinance rate on their most recent home purchase, while 63% report negotiating the purchase price.

The MBA reports that mortgage credit availability fell for the third straight month in May, dropping to levels last recorded in January 2013.

Overall rate lock volumes rose 14% in May from the prior month, but that number is still down 38% year-over-year and 29% compared to pre-pandemic numbers.

“Given the consistency of our survey results, we expect consumers' longstanding and highly favorable attitude toward homeownership as an investment option will continue to persist, even in the face of possible recession,” Fannie Mae authors concluded.

The latest “Preparing to Sell” report from Curbio revealed that 43% of home sellers don't think they need to update their house before listing, but new data found that homebuyers want move-in-ready homes. Click through to read what else the study found.

According to Zillow's May 2023 Market Report, newly pending listings are up nearly 10% from April, as homebuying competition is driving home prices up and housing inventory down to record lows for this time of year.