Federal Reserve policymakers are in no rush to tighten monetary policy and taper its asset-purchasing program, according to minutes of its June meeting released on Wednesday.
The U.S. economy added 850,000 jobs in June, the biggest gain in 10 months, boosted by hiring in retail and residential construction, according to a Labor Department report.
The average U.S. rate for a 30-year fixed mortgage dipped below 3% this week as mortgage investors bet that an inflation spike would be temporary.
U.S. home prices gained at a record pace in April as a shortage of available properties boosted competition among buyers.
The average U.S. rate for a 30-year fixed mortgage rose to 3.02% from 2.93% from last week, Freddie Mac said on Thursday.
The move likely will result in more consumer-friendly decisions in setting the course for the two companies that back more than half of American’s outstanding mortgages.
The FHA announced updates to calculations for monthly student loan payments that will make it easier for some applicants to qualify for a home loan.
Pandemic-level mortgage rates are expected to be around at least through the end of 2022, according to a forecast from Fannie Mae, the world’s largest mortgage buyer.
