Why did mortgage rates go up after the Fed rate cut?
The Federal Reserve cut rates on Wednesday and mortgage rates went up! What happened? The answer lies in the bond market.The 10-year yield and 30-year mortgage rates have been in a slow dance since 1971 and trended together. The bond market isn’t old and slow like the Fed — it moves very quickly, an
Read MoreLoan quality takes a hit even as mortgage origination volume slows
The overall critical defect rate for mortgages increased in the first quarter of 2024, ending five consecutive quarters of decline. But the increase itself was relatively modest and the share of loans with defects now stands at 1.58%, according to a report released Thursday by ACES Quality Managemen
Read MoreBummer! Existing-home sales flop, but relief could be on the way
The Federal Reserve’s interest rate cut on Wednesday, which was larger than some people expected, couldn’t have come at a better time for the housing market.After a modest monthly uptick in July, existing-home sales fell 2.5% in August to a seasonally adjusted annual rate of 3.86 million, according
Read MoreAlabama Realtors ask NAR to decouple association memberships
The Alabama Association of Realtors (AAR) is asking the National Association of Realtors (NAR) to provide greater flexibility by allowing members to decide which levels of Realtor associations they would like to join. AAR made the request in a letter sent Monday to NAR CEO Nykia Wright. AAR CEO Jere
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