Tag Archives: Jerome Powell

With the dip in mortgage rates now surpassing a month, a slight uptick in mortgage apps has led to a recent stabilization in purchase demand.

Riding the hopes that the Federal Reserve will slow its pace of rate hikes, Freddie Mac reported that the 30-year, fixed-rate mortgage fell yet again, as house prices soften with 2022 coming to a close.

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 application volume fell yet again, remaining at multi-decade lows, as the MBA reported an 8% decline in overall refis apps, which now comprise just 30% of all applications nationwide.

S&P CoreLogic Case-Shiller reported a deceleration in home prices nationwide, with markets in the western portion of the country reporting the most notable waning of home price growth.

After a few weeks of decline, Freddie Mac reports mortgage rates hit a mark last seen in November 2008, having increased by more than two full percentage points since the beginning of 2022.

After weeks of rising mortgage rates, continued economic unpredictability has driven rates down slightly this week, as homebuilder sentiment hit its lowest level in 24 months.

Jerome Powell has been confirmed by the U.S. Senate for a second term as Chairman of the Board of Governors of the Federal Reserve System for a term of four years, by a vote of 80-19 (one senator did not vote).

After a slight downtick last week, fixed-rate mortgages began an upward climb once again, with inflation reaching levels last seen in 2008.