Mortgage rates hit lowest level in over a year: report
New data showed mortgage rates hit their lowest since April 2023 as recession fears spread to the housing market. The real estate company Redfin report The company said Thursday that mortgage rates hit a daily average of 6.34% earlier this week, citing recent weak employment data and resulting “recession fears” as the main driver for […]
Mortgage rates drop to lowest level since May 2023
Key Metrics Home purchase Applications surged last week as mortgage rates fell to their lowest levels in more than a year. Mortgage Bankers Association (MBA) Home loan application New data released Wednesday showed mortgage rates rose 6.9% in the week ending Aug. 2. At the same time, the average rate on the popular 30-year mortgage […]
UK recovery ‘will accelerate and force Bank to keep interest rates higher for longer’ | Interest rates
The UK’s economic recovery will accelerate over the next 12 months, forcing the Bank of England to keep interest rates higher for longer, according to the National Institute of Economic and Social Research (NIESR). The think tank suggested views of further rate cuts before the end of the year may be wrong, saying a gradual […]
Fed Should Cut Rates, ‘Inflation Is Down Pretty Close to Zero’
Speaking on CNN News Central on Monday, Rep. Adam Smith (D-Wash.) said the Fed needs to cut interest rates in response to the stock market crash. “Inflation is getting pretty close to zero. And now there are counter-pressures in the market and I think the Fed should and will respond,” he said. Co-host John Berman […]
Moody's analyst: Fed made mistake but won't cut rates until September
Moody’s Ratings chief economist Mark Zandi said Monday that the Federal Reserve “clearly” made a mistake by not cutting interest rates but would probably wait until its September meeting to act. “They clearly made a mistake,” Zandi said in an interview with CNN’s Jim Acosta, “and I think that’s now obvious to everybody, including them, […]
Elon Musk says Fed ‘foolish’ for not cutting interest rates yet
Billionaire Elon Musk said Sunday that the Federal Reserve was “foolish” for not cutting interest rates sooner following a disappointing jobs report that raised concerns about an economic slowdown. “The Fed needs to lower interest rates,” Musk said in a post on his X account. “They’re stupid for not lowering rates before now.” Musk’s comments […]
Elon Musk says the Federal Reserve is ‘foolish’ for waiting to cut interest rates
Washington Post Op-ed and columnist Heather Long discusses the Federal Reserve’s managed interest rate cuts and the impact of July’s jobs report. Billionaire Elon Musk The Federal Reserve said Sunday it was “foolish” for not cutting interest rates sooner after a disappointing jobs report that raised concerns about an economic slowdown. “The Fed needs to […]
Warren hammers Powell over jobs report: 'Cut rates now'
Sen. Elizabeth Warren (D-Mass.) slammed Federal Reserve Chairman Jerome Powell for keeping interest rates steady earlier this week after Friday’s weaker-than-expected jobs report. “Fed Chairman Powell made a serious error by not lowering interest rates,” Warren said in a post on X. “He has been warned many times that if he waits too long, the […]
Mortgage rates drop to new low as Fed grows closer to slashing interest rates: Freddie Mac
Mortgage rates fell again this week to their lowest levels since February, according to Freddie Mac. (iStock) Mortgage rates fell again this week to their lowest since February on expectations that the Federal Reserve will cut rates by 25 basis points in September, according to Freddie Mac. According to Freddie Mac’s latest report, the average […]
Mortgage rates unlikely to fall significantly, even if the Fed cuts interest rates
Ally McCartney, managing director at UBS Private Wealth Management, explains on “Making Money” how the Fed’s message could affect markets. of Federal Reserve The Fed laid out the rationale for a September interest rate cut at the end of its two-day meeting on Wednesday, but the long-awaited cut may provide little relief to Americans struggling […]