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Mortgage rates are close to 7%, and may remain so for several weeks longer

Housing Wire

Mortgage rates continued rising for the third consecutive week, increasing to 6.96%, the highest level since November 2022. The uptick in mortgage rates came amid positive inflation news – the consumer price index rate showed cooling prices in June, rising just 3.0% And rates could remain above 6.5%

Mortgage 362
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Inflation cooled in December for the sixth consecutive month

Housing Wire

Consumer prices continued to climb, but at a slower pace in December, marking the sixth straight month of cooling inflation numbers. A slowdown in the pace of inflation is welcome news after the Federal Reserve raised interest rates to the highest level in over a decade. in November. in November.

Sellers 347
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Fed delivers the expected 25 bps rate hike. What’s next? 

Housing Wire

As expected, the Federal Reserve slowed the rate hikes in 2023 amid cooling inflation data, sparking hopes of a recovery for the housing market this year. The decision follows four subsequent 75 basis point increases, which occurred in June , July , September and November , and a 50 basis point increase in December.

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Mortgage rates dropped again, so why are some borrowers on the sidelines?

Housing Wire

Recent declines in mortgage rates, which are due to a slowdown in inflation growth, have been enough to convince some borrowers to apply for new home loans, according to recent data on mortgage applications. . for the week ending November 18 after registering a 2.7% Rates averaged 3.10% at this time one year ago.

Mortgage 466
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August unemployment jumps to 3.8% as labor cools

Housing Wire

The pace of hiring continued to cool in August, with job gains of 187,000, which is lower than both the 204,000 monthly average for the previous six months and the 399,000 average of 2022, said Realtor.com Chief Economist Danielle Hale. Unemployment in August continued to hover near recent lows, rising to 3.8%

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Fed delivers a 25 bps rate hike amid bank failures 

Housing Wire

The Federal Reserve (Fed) has decided to forge ahead in its fight against inflation, despite several bank closures that have caused turbulence in the financial markets. Recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation.

Lending 401
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Home price growth continued to slow to start 2023

Housing Wire

Home prices continued to cool at the start of the year, falling to a 3.8% 2023 began as 2022 had ended, with U.S. 2023 began as 2022 had ended, with U.S. below its peak in June 2022. annual price growth rate in January, according to the S&P CoreLogic Case-Shiller National Home Price Index , released Tuesday.

Buyers 389