The Federal Reserve Board is seeing signs that the housing market is "cooling" even though home sales remain strong, according to the minutes of the Nov. 1 meeting of the board's Federal Open Market Committee."The housing market had remained robust, although a slowing in house price gains in some areas and recent declines in home equity lending at banks could be indicating that the long-expected cooling in the housing market was near," the minutes say. Several economists believe the Fed continues to push up interest rates to slow the housing market and the rapid increase in house prices. If the housing market does cool, the Fed might stop raising rates. The Fed released the FOMC minutes on Nov. 22, the same day that the Federal Deposit Insurance Corp. reported that home equity lines of credit grew at their slowest pace in four-and-a-half years.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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