Mortgage rates

Still, the expected year-over-year pace of home price increases in 2024 is faster than what the first quarter Fannie Mae Home Price Expectations survey has predicted.

The 30-year fixed-rate mortgage average dropped back below the 7% level as investors reacted positively to news the economy is slowing, Freddie Mac said.

The company foresees a dampened mortgage originations market through 2026, as last year's trends continue to have an impact on housing.

Yields on the benchmark 10-year Treasury also rose in the past week as bond and note auctions got tepid responses from investors.

The 10-year Treasury yield, one of the mechanisms used to price 30-year fixed rate mortgages, is higher than where it was one week ago.

BofA is betting the Federal Reserve will make only one cut to the federal funds rate by the end of this year. MBA says originators are in for a $1.6 to $1.8 trillion year.

Millennials are likely to drive purchase business, while Gen X is the most likely refinance candidates, a related Freddie Mac analysis said.

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.

But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.

Contract closings decreased 4.3% from a month earlier to a 4.19 million annualized rate, according to National Association of Realtors data released Thursday.

Greater availability of data can make it more attractive to buy MBS with loans to underserved borrowers, translating into lower interest rates for those mortgages.