Tag Archives: Federal Reserve

As mortgage rates remain in the 7% range, app volume fell slightly this week, with the refinance share of volume hitting a low last seen in August of 2000.

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.

At the end of the Federal Open Market Committee’s November meeting, Federal Reserve Chairman Jerome Powell indicated ongoing rate hikes will be necessary to tamp inflation down to the target rate of 2%.

Mortgage rates exceeding the 7% mark have driven overall mortgage app volume down, with refi apps continuing to run more than 80% below last year’s pace.

The latest analysis from the National Association of Realtors revealed pending home sales slipped in September, down 10.2% from August, decreasing in all regions compared to 2021.

As mortgage rates rose for the 10th straight week, hitting a 21-year high, housing demand continues to tail off, with the MBA reporting overall app volume falling nearly 2% week-over-week.

A three-judge panel of the 5th U.S. Circuit Court of Appeals has ruled that the design of the CFPB violated the Constitution, as it has received funding through the Federal Reserve, rather than appropriations legislation passed by Congress.

Continued economic instability and inflationary concerns forced more potential homebuyers to pull back from the market in September, as the MBA reported builder applications fell by 7% over August 2022’s data.

Those looking to stretch their budget as far as possible are not seeing any relief as affordability continues to decline amid an environment of rising rates and high home prices.

Credit availability fell to its lowest level since March 2013 in September, as reports show credit tightening for the seventh consecutive month.