August Market Update
It’s time again for Patrick’s Bay Area Market Report:
Daily 30-year mortgage interest rate has been hovering around 6.5%. From Mortgage News Daily, "Mortgage Application Volume Soars, Refi Index Up 35%: A second week of lower interest rates appeared to send homeowners scrambling to refinance their higher-rate mortgages assumed over the last few years. The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage loan application volume, increased 16.8 percent on a seasonally adjusted basis. The Refinance Index soared by 35.0 percent compared to the prior week and was 118 percent higher than the same week one year ago."
Well, this is a welcome headline:
Jerome Powell says "time has come" to lower interest rates...
The picture below reminds me of how patiently many of us have been anticipating a rate cut...
While Powell has not indicated how much of a cut the fed will make, I am sure we can all agree this is good news. The article suggests the cut could come in September and could be anywhere from a quarter to a half percentage point.
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