Why mortgage rates fell with a stronger jobs report
Lead Analyst Logan Mohtashami explains we can still get a big jobs number while the unemployment rate increased.
Lead Analyst Logan Mohtashami explains we can still get a big jobs number while the unemployment rate increased.
Mortgage rates surpass 6 percent for the first time since 2008 The Washington Post
A good jobs report is traditionally good for the stock market â but that’s not so now, when the strong labor market is leading to stock market sell-offs.
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How to buy a home with a low credit score Fox Business
The only time youâd need collateral for a personal loan is if itâs a secured personal loan. Unsecured personal loans â which is what most personal loans are â are only secured by a borrowerâs promise to repay the funds, rather than collateral. But if you do opt for a secured personal loan, whether due […]
The post What Can Be Used as Collateral for a Personal Loan? appeared first on SoFi.
The 30-year fixed rate mortgage remained at its highest level since last November, increasing by 8 basis points from the prior week on the Federal Reserve’s aggressive posture on the economy, Freddie Mac said. Its Primary Mortgage Market Survey found the 30-year FRM at an average 6.73% for the seven days ended March 9, up … [Read more…]
Jerome Powell is the Chair of the Federal Reserve–the entity that sets overnight lending rates in an attempt to keep inflation in a low, stable range. Inflation has been anything but low and stable recently, so the Fed has hiked overnight rates at the fastest pace in 40 years. Mortgage rates have also risen at the fastest pace in 40 years, but they are not directly dictated by the Fed. Rather, the Fed’s direct influence on overnight rates spills over to the rest of the rate market. The longer the duration of any given borrowing term, the less connected the interest rate may be to the Fed Funds Rate. Moreover, the market adjusts expectations for the Fed Funds Rate constantly whereas the Fed only officially hikes/cuts 8 times a year. When the Fed meets again in 2 weeks, they will certainly be hiking rates again. The only question is “by how much?” Markets had been steadfast in their expectations for a 0.25% hike, which is viewed as the minimum increment for a rate change from the Fed. With some recent data indicating plenty of economic resilience and persistent inflationary pressures, calls have increased for a 0.50% hike. In a scheduled testimony before the Senate Banking Committee today, Fed Chair Powell stopped short of specifying a number for the next rate hike, but commented qualitatively on the need to hike faster/more than previously expected. Markets consequently upped the odds for a bigger hike in 2 weeks as well as a higher ceiling expected by the end of 2023.
Mortgage rates headed past 7% after Powell warns Congress on inflation Inman