General World News

Mortgage apps increase amid expectation of Fed’s pause in rate hikes

The expectation that the Federal Reserve might be done with hiking rates spurred the mortgage market last week. 

“Mortgage applications responded positively to a drop in rates last week, as the Fed signaled a potential pause at the current level for the federal funds rate in anticipation of inflation slowing and tightening financial conditions that will slow economic and job growth,” Joel Kan, Mortgage Bankers Association (MBA) vice president and deputy chief economist, said in a statement. 

The MBA data shows that mortgage applications increased 6.3% for the week ending May 5 from one week earlier. details ⇒

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