《抵押贷款新闻日报》的首席运营官Matthew Graham写道：“在周三美联储主席鲍威尔对‘2024年多次降息’的含糊开放态度和今早大幅低于预期的就业报告(鲍威尔周三甚至不知道这份报告)之间，更激进的降息论调正迅速成为焦点。”The most popular 30-year fixed mortgage rate in the United States fell by 22 basis points to 6.4%, the lowest level since April 2023.
According to Mortgage News Daily, as of Friday, the most popular 30-year fixed mortgage rate in the United States fell by 22 basis points to 6.4%, the lowest level since April 2023. The 15-year fixed rate dropped to 5.89%, the lowest level since early May 2023.
Previously, monthly employment reports fell short of expectations, leading to a rapid decline in bond yields. The mortgage rate generally follows the yield of 10-year US Treasuries.
Matthew Graham, COO of Mortgage News Daily, wrote: "Between Fed Chair Powell's vague openness to 'multiple rate cuts in 2024' on Wednesday and this morning's well-below-expectations jobs report (which Powell was unaware of on Wednesday), more aggressive rate cut rhetoric is quickly becoming the focus."
Graham pointed out that there are two more inflation reports and another employment report before the Fed's September meeting. He added: "If these reports can't provide robust pushback on recent data, not only is the easing cycle already underway, but it could come with some sense of urgency."
The 30-year fixed-rate initially started at 6.81% this week, so the drop in just five days is dramatic. The recent high point was 7.52% in late April, and home sales have been declining since then. Buyers not only face high interest rates, but also high home prices and a shortage of supply. Supply has improved since then, but prices are still overheated.
The change in affordability has been significant over the past few months. In April, a buyer who wanted to buy a $400,000 home with a 20% down payment and choose a 30-year fixed-rate mortgage would face a monthly payment of about $2,240 (not including insurance and property taxes). Today, that monthly payment is around $2,000. More buyers will also qualify for loans at current lower rates.
According to data from the Mortgage Bankers Association, mortgage loan applications for home purchases are about 15% lower than the same period last year. This latest decline may stimulate demand.
Mike Fratantoni, chief economist at the Mortgage Bankers Association, said: "The market acted before the Fed, reducing long-term rates, including mortgages, which should lead to increased home purchases and refinancing activity."
