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News

If The Fed Didn’t Hike, Why Did Mortgage Rates Hit Long Term Highs?

This week’s main event was the scheduled policy announcement from the Fed. As was the case two meetings ago, the Fed opted to hold its policy rate unchanged, but almost every other interest rate in the US moved sharply higher. This counterintuitive movement is fairly common when it comes to the 8 Fed meetings each…
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Fed Won’t Move Its Rate, But Rates Could Still Move

In and of itself, this week wasn’t too bad for mortgage rates. Things got a bit worse overall, but the change from last week was minimal with the average lender moving up 0.07% from last Friday.   There’s a decent cushion between current levels and the long-term highs last month. Even the late 2022 highs were a…
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Rates Defended The Ceiling This Week; Bigger Battles Ahead

While it’s impossible to predict the future when it comes to financial markets, it’s usually possible to identify the events that have higher potential to cause bigger swings. Other times, volatility strikes on days when it wasn’t entirely expected. That’s how this past week began.  After Monday’s holiday closure, rates jumped higher on Tuesday morning…
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It’s Complicated, But Also Simple

Depending on the company you keep over this Labor Day weekend, you might hear that rates are high, housing in the verge of collapse, and the economy is headed for a hard, recessionary landing. Or you might hear that rates are coming down, housing has turned a corner, and the economy remains surprisingly resilient. No…
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Unlock Your Home’s Potential with Northeast Financial’s Quick and Reliable Fixed-Rate HELOC

In the realm of financial opportunities, few avenues are as promising as tapping into your home’s equity. Whether you’re eyeing home improvements, debt consolidation, education costs, or simply seeking a financial cushion, a Home Equity Line of Credit (HELOC) could be the perfect solution. And when it comes to securing your equity with a Fixed-Rate…
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Markets Were Anxious Over Powell, But Next Week Deserves More Attention

As the week began, the bond market continued heading toward higher rates at the same pace seen in the previous week.  This made for the highest mortgage rates in more than 2 decades on both Monday and Tuesday (albeit not much higher than those seen in late 2022).  Things calmed down on Wednesday as multiple…
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How Multi-Decade Highs Are Changing The Way Mortgage Rates Are Quoted

At this point “high rates” are old news. We were already close to hitting the highest levels in more than 20 years last week, so it wasn’t a huge surprise to achieve that dubious distinction this Thursday. Some sources see the record-breaking rate at 7.09% for a 30yr fixed while others are over 7.5%. Both…
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Rates Are Officially Breaking The Rules, But Why?

This was supposed to be the week where a key inflation report would cast a vote on the fate of interest rate momentum. The vote was ostensibly friendly but rates surged higher anyway. What gives? First off, let’s revisit why rates would care so much about an inflation report.  CPI (the Consumer Price Index) is…
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Mortgage Rates Near 23 Year Highs. Is There Any Hope?

Interest rates of all types have been under immense pressure since the beginning of 2022. That’s when the Fed began raising rates at the fastest pace in decades to the highest levels in decades in order to combat a similarly fast-paced spike in inflation. This particular era of Fed rate hikes is particularly aggressive because…
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Mortgage Rates and Housing Didn’t Care About This Week’s Fed Rate Hike

It’s no mystery that the housing and mortgage markets are facing their fair share of headwinds in 2023, but some blow harder than others.  One of the most complicated headwinds is that of Federal Reserve. At first glance, the Fed’s decisions to hike or cut rates are extremely important.  In addition to being prominent in the…
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