The Federal Open Market Committee has raised the fed funds rate by 25 basis points to 3.5%.In raising the short-term rate, the Fed made slight changes to its policy statement that observers said reflect a perception that inflationary signs have waned and growth has increased. "The assessment of the economy was altered from 'the expansion remains firm' to 'aggregate spending appears to have strengthened since last winter.' On the other side of the ledger, acknowledging the extremely benign performance of the core [consumer price index] and core [personal consumption expenditure] lately, the following clause was added to the inflation sentence: 'Core inflation has been relatively low in recent months,'" said RBS Greenwich Capital chief economist Stephen Stanley.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18