Mortgage rates forecast

Bond traders are girding for the risk that Federal Reserve Chair Jerome Powell is ready, willing and able to plunge the U.S. into recession to get the inflation bogey under control.

Federal Reserve officials broadly agreed last month they should start reducing emergency pandemic support for the economy, minutes of the Sept. 21-22 Federal Open Market Committee meeting released Wednesday said.

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The home price increases and the ongoing inventory shortage made buying conditions difficult and many think it’s only getting more challenging, according to RealtyTrac.

A rising — but still small — share of borrowers believe interest rates and housing price appreciation will fall in the next year, according to Fannie Mae.

Tight inventory and heightened competition kept prime purchasers at bay as property values continued their summer surge, according to Fannie Mae.

Officials have pledged to maintain bond buying until the economy shows "substantial further progress" on inflation and employment as it recovers from COVID-19.

The adverse market fee change could contribute to an increase in refinance volume, adds Mortgage Bankers Association economist Mike Fratantoni.

The GSE forecasts $4 trillion in production this year because refinance activity is stronger than expected.

Still, the average time a property is on the market is at an all-time low, with more than half going into contract within two weeks.