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

Loan 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

Bummer! 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