History says 6%-plus mortgage rates are still too low – OCRegister
History says 6%-plus mortgage rates are still too low OCRegister
History says 6%-plus mortgage rates are still too low OCRegister
Mortgage balances drove the uptick in household debt during the fourth quarter of 2022, with an increase of $254 billion compared to Q3.
Current Mortgage Interest Rates on Feb. 14, 2023: Rates Climb CNET
Retail lender Movement Mortgage announced the appointment of Lyra Waggoner as its chief information officer to grow its platform.
The latest Mortgage Bankers Association (MBA) survey showed that mortgage loan application volume declined 7.7% for the week ending Feb. 10 from the previous week.
The Fed generally wants annual inflation to be around 2% at the core level. “Core” is fancy market jargon for an economic metric that excludes some of its more volatile components. In the case of inflation data, “core” excludes food and energy prices. Today’s Consumer Price Index (CPI) came in a monthly core level of 0.4%. Granted, neither the Fed nor the financial market expects 0.4% to persist month in and month out, but some basic math tells us that a year’s worth of such inflation would result in a core reading of 4.8%. The Fed expects inflation to fall more in line with 3.5% by the end of this year before getting back into the 2% range next year. That’s the point at which they see themselves going easier on rates. But until that victory is much more clearly in sight, they will continue to raise overnight lending rates periodically and those rate hikes will continue exerting some upward pressure on longer-term rates like mortgages. If there’s a silver lining to Fed’s game plan it’s that financial markets can adjust mortgage rates immediately based on future expectations. In other words, all of the future rate hikes foreseen by traders were already priced in to yesterday’s mortgage rates. The problem is that markets now see more rate hikes after today’s CPI data. Or more specifically, they see the Fed holding on to the ceiling rate for longer than they did yesterday. All told, between the jobs report 2 weeks ago and today’s CPI, the market now sees the Fed keeping the Fed Funds Rate slightly over 5% through December 2023. Before these two pieces of data, December’s Fed meeting was expected to result in a rate closer to 4.5%.
Ginnie Delivery, Fee Collection, Processing, Insurance, Warehouse Mgt. Tools; Celebrity Home Loans’ Goodbye Letter Mortgage News Daily
In an ideal world, you wouldn’t need to go negotiate. In an ideal world, the weather would be perfect, there would be no war, and your employer would simply say, “Hey, your value to our company has increased. Here’s ten thousand dollars.”
If only, right? When it comes to earning more, negotiating is usually a necessary part of the equation. The negotiating masters among us have a serious leg up.
I do not have a leg up. In most circumstances, I dread negotiating. I’d rather watch paint dry than negotiate. I’d rather eat a chard smoothie. I’d rather give someone a ride to the airport at 8am on a Monday.
Here’s How Low Mortgage Rates Could Drop in 2023, According to One Expert Money