Freddie Mac

The 30-year average dropped for the first time in four weeks after surging more than 70 basis points earlier in the month.

The move builds on the government-sponsored enterprise’s previous program that facilitated the collection of more rent payment records from tenants who work with its multifamily borrowers.

Recent remarks from Federal Reserve Chair Powell suggest more upward movement is ahead.

The latest Federal Reserve move to combat inflation led to a weekly increase of more than 50 basis points.

A positive employment report, robust consumer spending and Fed comments on inflation counter measures drove rates upward.

No cause of death was provided for the longtime industry figure, who before joining CoreLogic in 2015 was at Freddie Mac for 28 years, including 13 as its chief economist.

With anticipated Federal Reserve moves already factored in, inflation and jobs data could play a bigger role in driving movement over the near term.

The 30-year average decreased for the second week in a row but still is almost 2% higher than its year-end 2021 level.

Current volatility has contributed to slowdowns across the industry, with further reduced originations now predicted for the year.

But growing worries about a possible recession may also end up playing a role in their direction over the coming weeks.