Amid the current economic turmoil, including fears of a potential recession and recent significant stock market declines, real estate professionals must remain vigilant and adaptable, Victoria Kennedy writes.
Category: economy
July inflation reading trims the odds of a big September rate cut
PCE price index shows inflation continued to cool in July, but at a gentle enough pace that Fed policymakers are now seen as likely to only bring rates down by a hair in September.
Eyeing next refi boom, lenders plan to maintain or grow payrolls
Lending industry leaders surveyed by Fannie Mae see the lack of housing supply as the biggest risk factor in 2024, but most expect refinancing to pick up next year if rates continue to fall.
Mortgage rates retreating from 7% on ‘massive’ revision to jobs report
After spiking after the June 27 presidential debate, mortgage rates are trending down again on mounting expectations that the Federal Reserve will start cutting rates in September.
BofA analysts cast doubts on prospects for 2025 sales rebound
“The U.S. housing market is stuck, and we are not convinced it will become unstuck anytime soon,” economists at Bank of America Global Research say of ongoing affordability issues.
Homebuyers jump at lower mortgage rates, but will they last?
Purchase loan applications have surged for two weeks in a row, but rates for conforming mortgages are inching back up toward 7 percent this week as investors weigh the odds of Fed rate cuts.
Mortgage rates are spiking on Friday’s blowout jobs report
Employers added 272,000 jobs in May, far exceeding the consensus view among economists that payrolls would rise by 180,000 and the average of 232,000 over the past year.
Hot inflation data sends mortgage rates to new 2024 highs
Bond market investors who fund most mortgage loans are increasingly convinced the latest inflation numbers mean the Federal Reserve won’t cut rates in June.
Fed preparing to slow the pace of ‘quantitative tightening’
In addition to anticipating three rate cuts this year, Federal Reserve policymakers are considering whether to taper the pace at which they unwind the central bank’s $7 trillion balance sheet.
Tale of 2 housing markets will linger into 2024, Zonda economist warns
With listings still in short supply, homebuyers are “dealing with an affordability shock” and new homes will play an outsize role in housing markets, Zonda Chief Economist Ali Wolf said at ICNY.