Fed Chair Powell finally indicated today that it is time for rates to be lowered.....and the 10-year bond yield barely budged. The next Fed move is already priced into mortgage rates. Don't wait to buy just because you think rates might get better. Buy when you find...
Mortgage rates plummeted yesterday, making people wonder if the housing market will perk up for the rest of 2024. Getting a lower rate will be a nice sweetener, but buyers aren't going to overpay just because their payment went down a couple of bucks. Just the...
Boy are these guys going to be surprised if rates come down and nothing changes. The difference in rates might have the least to do with being locked in! Here is more of the psycho-babble - and this guy is a chief economist: Switching from a lower mortgage rate to a...
Yesterday, we saw a 6-handle again on the 30-year fixed rate mortgages, and it should come down a little more today. With there being virtually no upward pressure on pricing - the quartiles just turned slightly lower than last year - we could see the sales momentum...
We're breathing again! If it feels like we've been harping on the prospects for rate volatility in response to today's inflation data for several weeks (and we have), today is why. The Consumer Price Index (CPI) is the biggest reliable source of momentum for interest...
The pressure to do something to lower rates will be increasing, yet it doesn't occur to anyone that the gap between what homeowners paid vs. prices today is the real problem - and lower rates won't fix it. People can be “locked-in” or constrained in their ability to...
If rates can slip into the high-5s by next month, the early-2024 market will be on fire.... Survey-based rate indices haven't yet had time to account for the massive drop in mortgage rates this week, but rest assured, it was special. That's no surprise if you saw our...
Yesterday, Jay Powell shocked the world by declaring three rate cuts in 2024! It was Fed speak of the most unusual order - open and transparent, instead of the opaque mumbling of previous chairmen. The predictions are for rate cuts early in 2024 too. The CNBC survey...
People might think that 8% mortgage rates will kill the real estate market, but they are one more thing that can be fixed with money. Two popular strategies to lower the mortgage rate: 30-year fixed rate buydown: Paying one point, or 1% of the loan amount will lower...
How are those expert opinions doing? Doug Duncan, chief economist at Fannie Mae, was acknowledged as the best forecaster in America last year when he was honored with the Lawrence R. Klein Award for Blue Chip Forecast Accuracy, one of the best-known and...
