In the housing market, Freddie Mac ‘s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the weekly rate increase. Fed officials are especially focused on Friday’s jobs report and signs that the labor market has finally cooled down. Officials want to assess more economic and bank lending data and may hike rates later this summer, as the Wall Street Journal reported. Meanwhile, on the monetary front, there is a growing perception that the Fed may skip a federal funds rate hike in its meeting scheduled for June 13-14, despite a still-strong economy and persistent inflation. The Senate is expected to vote on the bill by Friday, just a few days prior to Monday’s default deadline. On Wednesday, the deal passed in the House with a wide margin (314-117) and the support of both parties. debt limit until January 2025 and cap government spending. On the fiscal side, President Joe Biden and House Speaker Kevin McCarthy struck a deal on Saturday to suspend the $31.4 trillion U.S. However, rates have started to reverse course over the last few days, following news of a debt agreement and signals that the Federal Reserve may pause hikes. Mortgage rates jumped last week amid a debt ceiling impasse and expectations of another federal funds rate hike.
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