Back on February 3rd, the last jobs report sent rates screaming higher. It was the biggest market mover of the month and traders have been waiting for the March 10th installment ever since. When it finally arrived, an unexpected guest stole the show. The Department of Labor issues the Employment Situation early each month. Frequently referred to…
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Home sales are very low. Mortgage rates have spiked back to 7%. New mortgage fees have eroded affordability for some. But the news isn’t all bad. We’re not going to cherry pick a few favorable data points or signs of resilience. Indeed, incoming news and data for the housing market has been more bad than…
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When it comes to the mortgage and housing markets, there’s been no shortage of gloomy news for months. This generally involves slumping sales, lower prices, and higher rates. All of the above are interconnected to some extent. The interconnection can be summed up in a single paragraph: Home prices surged post-covid as demand greatly outpaced…
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Welcome to February 2023, where we’ve seen the first really serious leap higher in rates since October. At the beginning of the month, the average 30yr fixed rate was around 6%. Now it’s closer to 7%. That’s not a typo, but it may be a surprise considering the widespread media coverage of the Freddie Mac…
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Mortgage rates hit 5 month lows last week but quickly jumped to the highest levels in more than a month this week. While last week’s strong jobs report certainly served as a catalyst, there’s more to the story. Fortunately, the story is fairly simple. It began in October when rates hit decades-long highs and finally began…
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Interest rates take cues from several places. Regularly scheduled economic data is always a consideration because a stronger economy implies more growth and tighter Fed policy, both of which are bad for rates. Certain reports carry significantly more weight than others. If put to a vote, the perennial top dog would be The Employment Situation…
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There are those who always try to portray the glass as being half full when it comes to the housing market. Then there are those who love a full glass, but who also call it like they see it. Right now, each camp has something to agree on: the glass is more full than it…
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Mortgage rates have fallen quite a bit since hitting a long term peak in late October. By the middle of this week, the average 30yr fixed rate was more than 1.25% lower from the highs and at the best levels in more than 4 months. Rates have fallen due to improvement in the bond market,…
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Mortgage rates officially hit their lowest levels in 4 months after this week’s inflation data. Despite the recent progress, Fed officials continue to talk about keeping rates high “for as long as possible.” Who’s telling the truth? First off, we know that mortgage rates are at 4 month lows because that assertion relies on the…
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The Federal Reserve (aka “The Fed”) has a parrot problem, and it’s on a crash course with economic reality… maybe. The Fed sets policies that impact interest rates in an attempt to keep inflation in check without crippling the economy. After arguably leaving rate-friendly policies intact too long in 2021, they scrambled to put the…
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