Blog


MarketMinute | Good News for First-time and Low-income Homebuyers

Feb 24
3:34
AM
Category | Markets in a Minute

Market Minute - Economy and Housing News - Erin Carvelli

  • The New York Fed reports consumer debt hit a new record at the end of 2022, while delinquency rates rose for several types of loans.
  • Minutes from last month's Fed meeting showed most officials supported a quarter point hike though "a few” favored a bigger half point hike.
  • Fed officials stated the signs of slowing inflation are not enough to counter the need for more interest rate increases.

  • Existing home sales dropped to the lowest level in more than 12 years in January. The pace of decline slowed, though, raising optimism for a shift.
  • Home purchase applications tumbled last week to the lowest level since 1995, as the highest mortgage rates in 3 months discouraged buyers.
  • Some good news for first-time and low-income buyers: The FHA announced cuts to its mortgage insurance premiums starting March 20. 

Market Minute Report - Mortgage News