The big new of last week is that the Fed reduced short-term rate by ¼%. Normally, we would see mortgage rates drop either in anticipation of the Fed, or shortly thereafter. But, just like with the recent ½% Fed rate cut, this did not immediately happen. 30-year fixed-rate jumbo closed Friday at 6.5%, the same as last week.
Some of the other events of the week included a decline in consumer confidence, an unexpected increase in construction spending, a rise in personal income and spending, and contained inflation.
Putting it all together, I think home loan rates will inch down a bit … but it might not happen next week.