by Luzi Ann Santos | moomoo News
$LendingTree (TREE.US)$ shares advanced for a third day and Freddie Mac advanced, joining the broader stock market rally, as mortgage rates fell to the lowest since May at a time when consumer sentiment is improving.
Mortgage rates fell last week to the lowest level since May, encouraging first-time buyers to jump into the housing market, according to $FREDDIE MAC (FMCC.US)$ data released last Friday. Meanwhile, the University of Michigan released its survey showing consumer sentiment soared 13% in January to the highest level since 2021, amid cooling inflation and strengthening income expectations.
Also on Friday, the Biden administration announced a $4.9 billion student loan forgiveness, helping ease the debt burden of millions of consumers.
The $Dow Jones Industrial Average (.DJI.US)$ gained 0.3%, extending its rally to an all-time high.
