Mortgage Rates Hit Lowest Point Since February As Investors Anticipate Fed Rate Cuts
Mortgage Rates Hit Lowest Point Since February As Investors Anticipate Fed Rate Cuts
Mortgage rates are on a steady decline as investors have cemented expectations for upcoming reductions in the federal funds rate, yet mortgage demand continues to depict challenges among homebuyers.
随着投资者对即将到来的联邦基金利率降低的期望已经确立，房屋贷款利率稳步下降，但房屋买家面临的贷款需求仍然存在挑战。
The Mortgage Bankers Association has reported Wednesday that the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) dropped by 5 basis points to 6.62% for the week ending July 19, 2024.
根据抵押银行家协会周三发布的报告，截至2024年7月19日结束的一周，30年期符合贷款平衡（贷款额为$766,550或以下）的房屋贷款的平均合同利率下降了5个基点，至6.62%。
This marks the lowest borrowing cost for home purchases since early February 2024.
这标志着自2024年2月初以来购房的最低借款成本。
Despite the decline in mortgage rates, long-term Treasury yields remained stable last week. The 30-year Treasury yield has held steady between 4.20% and 4.25% over the past week.
尽管抵押贷款利率下降，但上周长期国债收益率保持稳定。过去一周，30年期国债收益率在4.20%至4.25%之间保持稳定。
Market expectations for a 25 basis point rate cut in September hover at 100%, remaining unchanged from the previous week, according to the CME FedWatch Tool.
根据CME FedWatch Tool的数据显示，市场对于9月份降息25个基点的预期始终保持在100%，与上周持平。
Bumpy demand for mortgages
房屋抵押贷款的需求起伏不定
Despite the decline in mortgage rates, mortgage demand has shown some setbacks. While the previous week's drop in mortgage rates spurred a sharp rise in new mortgage and refinancing applications, these trends were more subdued last week.
尽管抵押贷款利率下降，但房屋贷款需求表现出一些挫折。 上周抵押贷款利率下降刺激了新的贷款和再融资申请的急剧上升，但这些趋势在上周变得更加平稳。
Mortgage applications fell by 2.2% week-over-week, while the refinance index edged up by 0.3% to 614.9, hitting the highest level since mid-August 2022.
房屋贷款申请周环比下降2.2%，而再融资指数微涨0.3%，至614.9，达到了2022年8月中旬以来的最高水平。
On Tuesday, the National Association of Realtors reported a significant 5.4% decline in existing home sales for June. This drop is likely due to rising buyer apprehensions as median home prices reach new all-time highs.
美国全国房地产经纪人协会周二报告称，6月份现有房屋销售量显著下降5.4%。这种下降很可能是由于中位数房屋价格达到新的历史最高点，导致购房者越来越犹豫。
Jeffrey Roach, chief economist for LPL Financial, commented on the situation, stating, "The low supply of homes and high interest rates have depressed affordability to near-term lows. Because of the tight supply of homes available for sale, median prices continue to rise. We should not expect this dynamic to improve until mortgage rates drop and supply increases."
LPL Financial首席经济学家Jeffrey Roach对此形势进行了评论，他表示：“住房供应量低和高利率已经使得可负担性降至近期低点。由于出售的住房供应量不足，中位数房价继续上涨。在房贷利率下降并增加供应之前，我们不应期望这种情况会有所改善。”
Market Reactions
市场反应
The Vanguard Real Estate ETF (NYSE:VNQ) was flat during the premarket trading session on Wednesday, following a 1% rise on Tuesday.
在周三的盘前交易中，Vanguard Real Estate ETF（NYSE:VNQ）持平，而在周二上涨了1%。
The SPDR Homebuilders ETF (NYSE:XHB) fell 0.5% at the time of this writing, while the VanEck Mortgage REIT Income ETF (NYSE:MORT) rose 0.5%.
在此文写作时，SPDR Homebuilders ETF（NYSE:XHB）下跌了0.5%，而VanEck Mortgage REIt Income ETF（NYSE:MORT）上涨了0.5%。
The worst performers in the premarket among real estate stocks were:
房地产股市中表现最差的包括：
- Gladstone Land Corporation (NASDAQ:LAND) down 3.96%.
- Compass, Inc. (NYSE:COMP) down 3.96%.
- Service Properties Trust (NASDAQ:SVC) down 3.47%.
- Opendoor Technologies Inc. (NASDAQ:OPEN) down 2.71%.
- Office Properties Income Trust (NASDAQ:OPI) down 1.48%.
- Gladstone Land Corporation（NASDAQ：LAND）下跌3.96%。
- Compass, Inc.（NYSE：COMP）下跌3.96%。
- Service Properties Trust（NASDAQ：SVC）下跌3.47%。
- Opendoor Technologies Inc.（NASDAQ：OPEN）下跌2.71%。
- Office Properties Income Trust（NASDAQ：OPI）下跌1.48%。
- US Home Sales See Sharpest Monthly Decline In 1.5 Years As Record High Prices Keep Buyers On The Sideline
- 美国房屋销售月度降幅创1.5年新高，创纪录的高房价令买家望而却步。
Image created using artificial intelligence via Midjourney.
图像由Midjourney通过人工智能创建。