The decline gives potential homebuyers some long-hoped-for relief in recent years
– The interest rate for the most popular U.S. home loan plunged last week to its lowest level in 15 months, after the Federal Reserve signaled it could start cutting its policy rate in September and a downshift in the job market bolstered financial market bets the reductions in borrowing costs would be big.
That unaffordability was also on display on Wednesday in July's housing sentiment index from Fannie Mae, the government-sponsored mortgage finance company. Only 17% of respondents said it was a good time to buy a home, down from 19% in June, Fannie Mae said. Refinancing applications rose sharply to the highest level in two years, the MBA said on Wednesday. That helped lift the refinance share of overall loan application volumes to 41.7% - the highest level since the week of the Fed's first rate hike in March 2022.
Two days after the Fed's last policy meeting, the Labor Department's monthly jobs report showed that the US unemployment rate had jumped to 4.3% in July and hiring had slowed, raising fears a recession is imminent or perhaps even underway.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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