Tag Archives: Federal Open Market Committee (FOMC)

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.

As the Federal Reserve issues another rate hike to tame high-riding inflation, Freddie Mac reported the fixed-rate mortgage climbed 27-basis points over last week, rising to levels last seen in 2008.

Freddie Mac reports the fixed-rate mortgage hit an average of 6.02% this week, a high point not seen since 2008 as affordability conditions continue to worsen for many potential buyers.

In anticipation of another rate hike by the Federal Reserve, mortgage rates retreated downward this week, as purchase demand continued to fall, as the prospect of a recession continues to loom.

On March 14-15, 2020, the Federal Reserve’s Federal Open Market Committee (FOMC) held an emergency meeting in light of the then-blossoming pandemic to cut rates by a 100 ...

Month-over-month, home prices fell 0.9% in May, as CoreLogic S&P Case-Shiller reports actions by the Federal Reserve to cool the market have made mortgage financing more expensive for buyers nationwide.

With the Federal Reserve expected to take further action to address continued inflationary concerns, mortgage rates rose for the second consecutive week amidst softening market demand.

Freddie Mac reports that mortgage rates climbed back upward to 5.51% this week, just one week after a sharp drop and paced by “runaway” inflation.