Rates also took a breather after three weeks of consecutive increases
As broadly predicted, the Fed hiked the benchmark interest rate this week. But what does that mean for originators?
When will rates rise? No one knows, not even the Fed.
Since the president’s action to lower FHA premiums, economists have tried to estimate the number of existing borrowers that could benefit from the reduction, and the Urban Institute is no different.
After hitting a 20-month low, mortgage rates broke out this week after an extended period of calm.
Approximately one-third of borrowers are not sure of their interest rate and many could still save hundreds a month through refinancing.
With the prospect of rising interest rates likely to dominate market interest this year, the most pertinent questions regarding U.S. housing will be, 'How fast and how high?'
The unemployment rate continues to decline, but wage gains are lagging behind the pace of employment growth with the majority of jobs at the low end of the pay scale.