Mortgage rates

Mortgage rates have run higher since the most recent Federal Reserve meeting as consumer spending points to economic strength.

Mortgage rates should decline very gradually next year as the Federal Reserve will keep to its implied path of short-term rate reductions, Freddie Mac said.

Only some of the increase compared with October can be attributed to Hurricanes Helene and Milton, as annual rates have increased six months in a row, ICE Mortgage Technology said.

Sales of new single-family homes increased 5.9% last month to a 664,000 annualized rate, in line with the median estimate of economists who expected 669,000.

United Wholesale Mortgage's legal battles and the passing of David Stevens top the list of important mortgage news in 2024.

The so-called core personal consumption expenditures price index, which excludes food and energy items, increased 0.1% from October and 2.8% from a year earlier, according to Bureau of Economic Analysis data out Friday.

Over the past two weeks, the 10-year Treasury yield, priced on market expectations, increased over 40 basis points and that is finally being seen in the Freddie Mac survey.

Habib, an often-accurate and frank forecaster bridging Main Street and Wall Street, explains why he found recent times to be challenging, but he's hopeful.

Monetary policy officials greenlighted a 25 basis-point federal funds cut but mixed economic signals dimmed hopes for more affordable home financing costs.

Mortgage originators should expect more of those interest rate dips that took place in September, but when they happen is the unknown factor, economists said.