MReport September 2022

TheMReport — News and strategies for the evolving mortgage marketplace.

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64 | TH E M R EP O RT FINAL THOUGHTS A Slowing Housing Market This month, we leave you with quotes from highly placed people about early signs the housing market is slowing amid record high inflation and warnings from the Federal Reserve that more interest rate hikes are on the horizon. "overarching focus" Chairman of the Federal Reserve Jerome Powell, speaking during a Jackson Hole Retreat speech on the main focus of the Federal Open Market Committee, which is to moderate inflation to a goal of 2%. "volatile" Redfin Economics Research Lead Chen Zhao on the fact that interest rates are affecting would-be buyers in negative ways. "22-year low" Joel Kan, MBA's Associate VP of Economic and Industry Forecasting, on the current state of mortgage applications, which have been held down by significantly reduced refinancing demand and weak home purchase activity. "still rising" Lawrence Yun, National Association of Realtor's Chief Economist, discussing how home prices, which are still rising, could further slow the housing market. "economic uncertainty" Mark Fleming, Chief Economist at First American, on the results of the latest Potential Home Sales Model Report which found that existing home sales have pulled back to numbers last seen in February 2019 and stated this number is a decline, not a crash.

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