Category Archives for "Mortgage Industry News"
“Breaking Down the Latest Mortgage Rates: What Homebuyers Need to Know in 2024”
In the early morning hours, it seemed that mortgage rates in 2024 were on a steady upward trend, with a significant increase in the first two business days. Over the past 10 days, rates had remained relatively stable, not exceeding 0.06% above the lowest point in 7 months. However, this outlook changed following the release of the latest economic data. The highly anticipated Job Openings report came in slightly below expectations, with the total number of job openings remaining below 9 million for the second consecutive month. This is the first time such a pattern has emerged since 2021 when job openings were still on the rise. Bonds, which have an impact on mortgage rates, are currently seeking signs of a cooler labor market, among other factors. The Job Openings report has the potential to offer such evidence. Consequently, bonds saw improvement after the data release, leading to mortgage lenders adjusting rates to lower levels in the afternoon. While the average lender has not returned to the previous record lows, this development suggests that the market is not inclined to push rates higher at the moment. The next critical piece of data to watch out for will be the upcoming jobs report on Friday morning.
Continue reading“Forecasting a Bullish Future: Expert Predicts Increased Mortgage Demand in 2024”
In a recent episode of ‘The Exchange’, industry expert Andy Walden, who serves as the vice president of enterprise research at ICE Mortgage Technology, joined forces with CNBC’s Diana Olick to provide invaluable insights into the latest trends in mortgage demand, while also shedding light on the current state of the housing market’s overall health. This dynamic discussion covered various aspects of the mortgage industry, offering viewers a comprehensive understanding of the key factors driving the market and what they mean for homeowners and potential buyers alike.
Continue reading“Insightful Forecast: Zillow Co-Founder Spencer Rascoff Predicts Mortgage Rates Will Tick Down in 2024”
In a recent interview with ‘Money Movers’, Spencer Rascoff, one of the founding members of Zillow and its former CEO, delves into the present landscape of mortgage rates and applications. Expanding further, he shares his insights on what factors might influence homebuyers’ perseverance and sheds light on other pertinent topics. This in-depth conversation offers valuable perspectives without referencing any particular sources.
Continue reading“2024 Interest Rate Predictions: What They Mean for Your Mortgages, Auto Loans, and Credit Cards”
The Federal Reserve seems to have concluded its phase of tightening monetary policy, which can potentially lead to reduced interest rates and more affordable borrowing throughout the upcoming year.
Continue reading“Understanding the Ups and Downs: A Look at Mortgage Rates in 2024”
At the start of the new year, mortgage rates surged to their highest levels since December 13th, following their rise to a two-week high leading up to the weekend. However, it is important to note that the bond market’s performance in the second half of December is often unpredictable and may not necessarily reflect the trajectory of rates in January. Nonetheless, excluding the past two weeks, rates are still considerably lower than they have been over the past seven months. The increase observed today is relatively moderate compared to recent trends and does not necessarily indicate a sustained upward momentum in rates. The direction of rates is more likely to be influenced by upcoming economic data, with Wednesday and Friday being particularly consequential days this week.
Continue reading“Analyzing the Latest Mortgage Rates: What Homebuyers Need to Know”
Reflecting on the previous year, October saw 30yr fixed mortgage rates at a staggering 8% or higher. Many may have thought it was unlikely to see any significant change by the year’s end. However, surprisingly, rates ended up staying relatively stable. Although we didn’t quite reach the rates observed on the last day of 2022, we came remarkably close. The latest movements in the market haven’t had a significant impact on this trend. On average, lenders quoted slightly higher rates today compared to yesterday, but still within the consistent flat pattern that has persisted since December 14th. Looking ahead, the upcoming week holds the potential for increased volatility, as several important economic reports are scheduled, starting on Wednesday.
Continue reading“Breaking Down the Latest Mortgage Rate Trends: Your Guide to Making Informed Decisions in 2023”
In the past two weeks, mortgage rates have been relatively stable, showing little change. However, yesterday brought some excitement as rates experienced a more typical level of volatility, resulting in a slight decrease. This improvement brought rates to their lowest levels since May 2023. Today, rates have slightly rebounded, but not to the same extent as yesterday’s drop. Overall, apart from the recent fluctuation, rates remain at lows not seen in the previous seven months.
Continue reading“Exploring December 27, 2023: A Deep Dive into Mortgage Rates”
Today’s mortgage rates saw a notable change, with movement within a normal range compared to the previous day. This is the first time in seven days that such a moderate shift has occurred, making it the calmest and flattest period in over a year. While this development may not be particularly exciting, the headline news comes from the fact that these rates are now the lowest since May 2023. Although this may sound impressive, it is important to note that there have been several other days in the past two weeks with similarly low rates. The only difference is that today’s rates have slightly surpassed the previous low. For the average mortgage borrower, this means that the quote would not vary significantly between yesterday and today. It’s worth mentioning that today’s improvement in rates did not coincide with any noteworthy economic data, news headlines, or scheduled events. This suggests that the bond market, which influences interest rates, is driven by factors beyond the usual dependence on data. Consequently, there is an equal chance of seeing moderate shifts in the opposite direction in the coming days.
Continue reading“Predicting a Promising Future: ConnectOne Bank CEO Forecasts Surge in Lending for 2024”
In a recent appearance on ‘Squawk on the Street’, Frank Sorrentino, the CEO of ConnectOne Bank, raised significant points about the housing sector and other related topics. With his deep industry knowledge and expertise, Sorrentino provided valuable insights into the current state of the housing market and offered perspectives on various issues affecting it. This engaging discussion shed light on the challenges and opportunities present in the housing sector, making it a must-watch for anyone interested in this important aspect of the economy.
Continue reading“Understanding the Latest Mortgage Rate Trends: An Insider’s Guide for Homebuyers and Refinancers”
Mortgage rates have remained stagnant after experiencing a significant drop in October. Despite minor fluctuations, the average top tier 30-year fixed rate has had minimal impact on mortgages. This prolonged period of stability has not been seen since November 2022 when rates had dramatically decreased, leading to uncertainty about further improvements. The current rally, although longer and supported by data, still leaves room for doubt. Bond rates, which determine mortgage rates, will only show movement once they receive data in early January. Until then, the market remains in a state of uncertainty. Nonetheless, these stagnant rates are the lowest in over seven months.
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