Business

The Dow Jones appears for the 7th consecutive day as the S&P 500 rises above 5,200

Last week, mortgage rates fell for the first time in over a month, with the 30-year fixed mortgage rate hitting 7.09%.

Rebecca Chen of Yahoo Finance reports:

Recent rate volatility, including this week's 7.22% drop and last month's steady rise, has prompted some financial institutions to change their mortgage outlooks for the remainder of 2024.

“An environment in which rates continue to hover above 7% impacts both sellers and buyers. Many potential sellers are hesitant to list their home and part with lower mortgage rates of “Previous years, negatively impacting supply and keeping housing prices high,” said Sam Khater, Freddie Mac's chief economist. “These high house prices add to the general affordability issues faced by potential buyers in this high interest rate environment.”

Robust economic data and stubborn inflation have housing experts changing their forecasts on where rates will land at the end of 2024.

Fannie Mae, a government-backed mortgage institution, raised its year-end forecast to 6.4% from 5.9% earlier this year.

“Our forecast includes the Fed cutting interest rates by 25 basis points twice this fall,” Douglas Duncan, Fannie Mae's chief economist, told Yahoo Finance.

The Federal Reserve held the federal funds rate steady last week. Meanwhile, mortgage rates influenced by the Fed's benchmark have surged above 7% over the past three weeks.

To meet or approach the modified forecast, Duncan said the core personal consumption expenditures (PCE) index, the Fed's preferred inflation gauge, will need to decline toward 2% for at least three months. consecutive. The latest core PCE gained 2.8% in March year-on-year.

The National Association of Realtors (NAR) now expects average rates to stabilize at 6.5% by the end of the yearmodified from the 6.3% forecast at the start of the year.

“The Federal Reserve has delayed cutting rates,” said Lawrence Yun, NAR’s chief economist. “I would have thought that by now rates would be lower and the rate cuts would have started. Whatever rate cuts the Federal Reserve doesn't make this year will simply be pushed back to 2025. She calls for a rate cut in September, but we'll see.”

Sources

1/ https://Google.com/

2/ https://finance.yahoo.com/news/stock-market-today-dow-pops-for-7th-straight-day-as-sp-500-climbs-back-above-5200-200020212.html

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos