Saturday,
June 24, 2023
Top Story
The week in review
• Chairman Powell testified before the House Financial Services Committee. He affirmed more interest rate increases are likely ahead as inflation is “well above” where it should be. Still, Powell emphasized rate decisions will be made based on incoming data and on a meeting-by-meeting basis, rather than on a preset course.
• In his testimony before the Senate Banking Committee, Powell said holding rates flat at the last meeting was intended to give the Fed more time to evaluate its progress. The Chairman added the Fed is nearing the end of its rate hike campaign, but still has further to go.
• The average rate for 30-year fixed-rate mortgages decreased for the third consecutive week to 6.73%. However, mortgage demand remained flat. Applications to refinance fell 2% for the week and were 40% lower than a year ago, while mortgage applications to purchase a home increased 2% for the week but were 32% lower year-over-year. Low levels of affordable inventory continue to constrain activity.
For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!
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