Mortgage rates forecast

Federal Reserve officials surprised some onlookers by unveiling a rough plan for balance sheet runoff in the minutes for their May meeting.

The Federal Reserve will increase interest rates twice more in 2017 and begin shrinking its balance sheet before year's end despite a clear downturn in the outlook for inflation.

Mortgage rates dropped for the fourth consecutive week and hit their lowest level in nearly seven months, according to Freddie Mac.

Lenders are feeling some relief on the regulatory front, but they still expect their compliance expenses to rise, according to a recent Lenders One survey.

Lower rates led to an increase in both purchase and refinance applications compared with the previous week. according to the Mortgage Bankers Association.

Mortgage rates inched lower for the third consecutive week and set a new low for the year, according to Freddie Mac.

Application volume decreased 3.4% from one week earlier, according to the Mortgage Bankers Association.

Housing demand unexpectedly weakened for a second month across most regions as lean inventory took a toll on affordability, putting a damper on the typically busier spring selling season.