Tag Archives: Federal Open Market Committee (FOMC)

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.

The Federal Open Market Committee moved to raise the nominal interest rate by 25 points to a range of 4.50-4.75% at the end of its February meeting.

For the fifth consecutive month, the S&P Dow Jones Indices reported declining home prices in the U.S., as potential buyers took a bigger step back from the market.

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.

Freddie Mac reports the fixed-rate mortgage sliding for the sixth straight week, with the downward trend in rates resulting in a rise in refis, offsetting a week-over-week decrease in purchase activity.

As the fixed-rate mortgage slips another week, the MBA reports that mortgage apps have risen week-over-week amid news of the Fed’s latest action to correct the nation’s inflationary concerns.

This latest action by the Federal Reserve to raise rates is intended to remove money from the economy, reduce demand, and drive prices lower as inflation nears a 40-year high.

Diminished demand in the housing market has been further dampened by erratic mortgage rates, which dipped slightly this week, as affordability issues continue to put buying significantly out of reach for many.

”The rapid increase in prices during the COVID-19 pandemic caused many U.S. housing markets to reach completely unaffordable levels for potential local homebuyers,” said Selma Hepp CoreLogic’s Interim Lead, Deputy Chief Economist.

For the first time since April 2022, mortgage rates have surpassed the 7% mark, with many potential buyers now waiting to see where the market is headed, thus pushing home prices further downward.