Mortgage rates

For the second consecutive week, rates for the 30-year fixed rate mortgage declined as the Consumer Price Index report was better than expected.

For the first time since the Federal Reserve started raising short-term rates two years ago, the number of home purchase mortgages locked rose on an annual basis, Optimal Blue found.

The 30-year fixed rate mortgage fell for the first time in six weeks as the Federal Open Market Committee meeting outcome is finally priced in.

The Federal Open Market Committee thinks that confusing everyone completely is good for confidence, that intangible but entirely necessary ingredient for financial stability, writes the Chairman of Whalen Global Advisors.

What ultimately keeps the balance-sheet reduction going, the bank said, is the fact that the Federal Reserve will likely be undeterred by any brief spikes in a key overnight funding benchmark — the rate on overnight repurchase agreements.

Mortgage rates reached their highest point since the end of November, seemingly not severely impacting Spring home purchase activity, Freddie Mac said.

The Federal Open Market Committee held the federal funds rate at current levels, citing "lack of further progress" toward meeting inflation goals.

Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.

An index of contract signings from the National Association of Realtors climbed 3.4% to 78.2 last month, the highest since February 2023.

But the number of properties whose mortgage is more than 90 days late is at its lowest since 2006, ICE Mortgage Technology said.