The Fed’s Inflation Fight Continues, Tesla’s Short-Term Risks, Navigating the Narrow Rally 6/21/23
The Exchange
00:00
The Market Hasn't Internalized the Pain
Mortgage rates fell for the third straight week last week, but demand for mortgages pretty flat. The average rate for 30 year fixed rate mortgages with conforming loan balances decreased to 6.73% from 6.77%. Interesting though, the rate for jumbo loans rose to 6.8%. And that's a second straight week that it was higher than for conforming loans. In contrast, applications for mortgages to buy new homes jumped sharply in May up 17% year over year. That's why the builders are doing so well and stocks are hitting 52 week highs.
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