Mortgage bankers expect the 30-year rate to drop to 6.1% by the end of 2024
High mortgage rates are hammering home buyers, but expect rates to fall over the next year, one industry...
High mortgage rates are hammering home buyers, but expect rates to fall over the next year, one industry group says.
Mortgage rates are over 7.5% as of mid-October, but expect rates to fall to 6.1% by the end of 2024, according to a forecast by the Mortgage Bankers Association. The group also expects the 30-year mortgage rate to fall to 5.5% by the end of 2025.
The pandemic years were boom times for the mortgage industry. 2021 was a record year when $4.4 trillion in mortgages were originated. But after the Fed began hiking interest rates in the middle of 2022, surging rates have put a damper on home-buying activity.
[Sunday Update] Oil prices in spotlight as Iran warns of escalation of Israel-Hamas war
Oil futures were being watched as a bellwether late Sunday as Western diplomats and...
Oil futures were being watched as a bellwether late Sunday as Western diplomats and leaders warned Iran not to wade into the Israel-Hamas war, as Israeli forces appeared on the verge of a ground invasion of Gaza.
“The energy markets are the first derivative to drive broad market sentiment this week, with crude and Nat Gas leading investors to trade volatility (options), as well as classic hedges such as gold and Treasuries,” said Chris Weston, head of research at Melbourne-based broker Pepperstone, in a note.
Crude opened slightly lower, with West Texas Intermediate crude futures CL00 falling 30 cents, or 0.3%, to $87.39 a barrel on the New York Mercantile Exchange on Sunday night.
Israel claims Hamas commanders that helped coordinate surprise attack have been killed
The Israel Defense Forces (IDF) claim to have killed two leading Hamas commanders who helped...
The Israel Defense Forces (IDF) claim to have killed two leading Hamas commanders who helped coordinate last week’s attack on Israeli communities near the Gaza Strip.
“Based on precise IDF and ISA [Israel Security Authority] intelligence, IDF aircraft killed Ali Qadi, a company commander of the Hamas ‘Nukhba’ commando force, who led the terror attack in Israeli communities near the Gaza Strip last weekend,” an IDF post stated on Saturday.
Israel’s military claims Qadi was apprehended in 2005 following the kidnapping and murder of Israeli civilians. He was released as part of the Gilad Shalit prisoner exchange in 2011, the post said. READ MORE
N.D. oil output rose in Aug.; gas production hit record
North Dakota oil production increased by 3% to almost 1.2 million...
North Dakota oil production increased by 3% to almost 1.2 million barrels per day in August, while natural gas inched up by less than 1% to a record 3.3 Bcf/d, the North Dakota Industrial Commission has reported. State Mineral Resources Director Lynn Helms cautioned that ExxonMobil's purchase of Pioneer Natural Resources could divert investment from the Bakken Shale, potentially causing production to stagnate or decline.
Growing financial pressures and drilling demands are driving...
Growing financial pressures and drilling demands are driving a wave of consolidation in the US shale sector, with international giants sweeping up smaller independent shale drillers, according to Pioneer Natural Resources CEO Scott Sheffield. This shift, exemplified by ExxonMobils' recent $60 billion acquisition of Pioneer, could simplify supply trend analysis and enhance market stability on the one hand, and amplify OPEC's sway over the oil market on the other.
