Mortage rates fall

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Market Overview
Read time 1.9 minutes

Year To Date Performances:

1. Mortgage rates tumbled in a record drop not seen in over a year, reinvigorating the housing market with a sudden uptick in mortgage applications. The Mortgage Bankers Association reported a 2.5% surge in mortgage applications, breaking a four-week lull. The average rate on the benchmark 30-year fixed mortgage plummeted from 7.86% to 7.61%, accompanied by a slight decrease in points, including the origination fee, from 0.73 to 0.69 for those ready to put 20% down. However, the refinancing market responded with a tepid 2% increase, as rates hover around last year's figures, and most homeowners have locked in substantially lower rates from the historic lows about two years prior.

2. Billionaire investor Ken Griffin casts a spotlight on China's skyrocketing potential for innovation and economic growth, advocating for a keen investor focus on the region. As his firms Citadel and Citadel Securities widen their footprint in the burgeoning market — with Citadel securing coveted access to trade on China's stock exchanges — Griffin also voices concern about the risks of deglobalization. Such global shifts, he suggests, could have far-reaching consequences, potentially exacerbating inflation, unsettling supply chains, and reshaping monetary policy. Amid these complexities, Griffin predicts an economic slowdown by mid-next year, fueled by rising interest rates and a concerning uptick in U.S. government spending that threatens to expand the national deficit even further.

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4. Headlines

   1. Central Banks worldwide are cutting rates at the same pace as when Covid-19 began as they attempt to relieve economies of the burden that high-interest rates have placed the past year.

   2. Broker fees could soon be a thing of the past, making homebuying cheaper for all by eliminating the 5%+ commission taken by agents.

   _{* This is sponsored content.}

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