MarketMinute | Good News for First-time and Low-income Homebuyers - Greenway Mortgage Blog

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MarketMinute | Good News for First-time and Low-income Homebuyers

Feb 24

9:34

AM

Category | Markets in a Minute

The New York Fed reports consumer debt hit a new record at the end of 2022, while delinquency rates rose for several types of loans.

Minutes from last month's Fed meeting showed most officials supported a quarter point hike though "a few” favored a bigger half point hike.

Fed officials stated the signs of slowing inflation are not enough to counter the need for more interest rate increases.

Housing News

Existing home sales dropped to the lowest level in more than 12 years in January. The pace of decline slowed, though, raising optimism for a shift.

Home purchase applications tumbled last week to the lowest level since 1995, as the highest mortgage rates in 3 months discouraged buyers.

Some good news for first-time and low-income buyers: The FHA announced cuts to its mortgage insurance premiums starting March 20.