Cooler inflation data sends mortgage rates lower
On Tuesday, CPI data came in cooler than expected, and the bond market loved it, driving mortgage rates lower.
On Tuesday, CPI data came in cooler than expected, and the bond market loved it, driving mortgage rates lower.
Last week’s housing market data provided mixed news, but the year-over-year purchase app numbers were the big story.
Mortgage rates moved down significantly this past week to their lowest level since mid-September, as the markets reacted positively to the latest inflation news, Freddie Mac reported. Its Primary Mortgage Market Survey for the week of Jan. 19 found the average for the 30-year fixed rate mortgage fell to 6.15%, a drop of 18 basis … [Read more…]
The Census Bureau’s housing starts report for December shows that housing completions are still too slow and we are running out of time.
The Housing Market Tracker shows weekly inventory rose slightly and with mortgage rates falling, more people should list their homes.
If you want a soft landing, this is the inflation data you want to see, something I talked about last year, even on recession watch.
Ever been to Noma in Denmark? Me neither, although I did some solo bicycling there, which is so much more reliable than flying domestically this morning with the FAAâs system shut down. Apparently I have only two years to go, as the âbest restaurant in the worldâ surprisingly announced it is closing in the winter of 2024. Cynics would say that is a publicity stunt, proponents will tell you that it is time for a change and the numbers probably donât make sense. (Speaking of numbers, this monthâs STRATMOR blog is titled, âProductivity: More Important than Everâ and discusses how important it is to manage to the numbers, and not be surprised.) The U.S. Supreme Court rejecting investor suits over Fannie Mae and Freddie Mac didnât surprise anyone. Wells Fargo certainly surprised everyone, including its own correspondent sales team and management, in announcing it is shutting down. (More on this below.) Wells isnât the first to shutter things, nor will it be the last based on the numbers. According to Curinos, December 2022 funded mortgage volume decreased 67% YoY and 3% MoM. In the Retail channel, funded volume was down 71% YoY and 3% MoM. Average 30-year conforming retail rates dipped slightly from November but are 319bps higher than the same month last year. (Curinos sources a statistically significant data set directly from lenders to produce these benchmark figures and here is a closer look at the data.) Todayâs podcast is sponsored by SimpleNexus, an nCino company and award-winning developer of mobile-first technology for the modern mortgage lender. Todayâs has an interview with SimpleNexusâ Lori Brewer on the advances of APIs and native integrations.
In this week’s Housing Market Tracker, Lead Analyst Logan Mohtashami shows how total inventory could break under 1 million.
The housing market saw inventory fall 4% last week and is on the cusp of breaking under 1 million total active listings.
We ended 2022 on a solid note as 4.5 million jobs were created â and we still have more than 10 million job openings.