02/01/2024
Some helpful national real estate news on lending and mortgages:
As expected the Fed has left rates unchanged at the end of their first meeting for 2024. Why they did not directly state that there will be no more rate hikes they did change the language of their statement implying that this rate hiking cycle has concluded.
They also stated that they were not ready to discuss rate cuts yet as they want more evidence that the rate of inflation continues to decline to their target goal of 2%. Bond yields remain below 4% as we await Mr Powell’s press conference. Mortgage rates remain stable and we will closely watch economic data in the weeks to come for direction.
This morning’s weaker than expected ADP advance jobs report was weaker than expected. If the Government’s jobs report is also on the weaker side this Friday morning we can look for mortgage rates to resume their march downward.
Melissa
Melissa L. Cohn
Regional Vice President, William Raveis Mortgage, LLC.
ph. 917.838.7300 | [email protected] | fax. 631.458.1456
NMLS ID: 16953 | Licensed in: NY, FL, CT, NJ, MA,SC
