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** Mortgage lender stocks rise in afternoon trading after the U.S. Federal Reserve cuts interest rates for the first time since 2020
** Rocket Companies RKT.N, PennyMac Financial Services PFSI.N and Cooper Group COOP.O rise between 0.5% and 2.5%
** Mortgage lenders have had to contend with sharp declines in origination volumes in recent years due to higher interest rates
** Rate cuts would draw more buyers into the market and unleash the housing market potential in the next few years
** Analysts expect RKT to be a material beneficiary of the rate cuts
(Reporting by Arasu Kannagi Basil in Bengaluru)
The average interest rate for a 30-year fixed mortgage dropped to its lowest point in two years as markets anticipate the Federal Reserve lowering its key interest for the first time in four years, perhaps by as much as 50 basis points.
The rate for the most popular home loan fell 14 basis points in the week ended Sept. 13 to 6.15%, marking the lowest rate since September 2022, the Mortgage Bankers Association said on Wednesday.
The rate also fell 14 basis points during the previous week.
“The 30-year fixed mortgage rate, at 6.15 percent, is now at its lowest since September 2022 and is more than a full percentage point lower than a year ago,” said Joel Kan, MBA's deputy chief economist.
Read Also: Mortgage Applications Fall As Rates Climb Back Above 7%
"Refinance applications were up 24 percent – more than double last year's pace, with both conventional and government activity jumping to the fastest pace of refinancing since 2022."
The refinancing share of mortgage activity increased to 51.2% of total applications from 46.7% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.9% of total applications.
Price Action: Mortgage lenders saw gains and losses during Wednesday’s trading session.
Exchange-traded funds that hold these stocks also rose and fell on Wednesday.
Read Now:
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Consumers’ wallets should get some relief if the Federal Reserve lowers rates this week, but it won’t be a huge help, according to Benjamin Ayers, senior economist with Nationwide Insurance (NASDAQ:NWFAX).
“It should put some downward pressure on auto rates, mortgage rates, loan rates, but on the other side of the coin, it should put upward pressure on CD rates and saving rates that you get out there,” Ayers told Benzinga.
Lowering the Fed interest rate by only 25 or 50 basis points will not mean much for consumers in the short term, he adds.
“It’s nice but if you can’t afford a mortgage at the current level, that’s not going to change if it goes down by 25 basis points. It’s more kind of the start of a process,” he said.
“Six months, a year, 18 months from now, you’re going to see much lower rates, and that’ll really help to juice things, but in the near term, it’s going to have a pretty negligible impact for most people,” Ayers says.
A rate cut of 25 or 50 basis points doesn’t mean rates that affect consumers’ wallets will drop expectedly, said Matt Schulz, LendingTree, Inc.‘s chief credit analyst.
“While lower rates are certainly a good thing for those struggling with debt, the truth is that this one rate cut isn't really going to make much of a difference for most people,” he said.
“It doesn't change the fact that the best thing people can do to lower interest rates is to take matters into their own hands.”
He said the average rate on a new credit card offer should stay at a record high of 24.92% for some time if the Fed lowers rates.
“While they'll almost certainly fall from record highs in coming months, no one should expect dramatically reduced credit card bills anytime soon,” he said.
“Barring the Fed unexpectedly stomping on the gas pedal when it comes to lowering rates, credit card APRs are still going to be high for the foreseeable future.”
A $5,000 credit card balance would take 27 months and $1,528 in interest to pay off at 24.92% if monthly payments of $250 were made. If the interest rate went down by 0.25% because of a 0.25% Fed rate cut, the interest paid over 27 months would fall by $22, resulting in savings of less than a dollar a month, Schulz noted.
Schulz said auto loan rates will get lower, too, if the Fed reduces rates, but consumers should still shop around for financing from other places besides dealerships because their rates are typically much higher.
Saving rates have already started falling and may keep doing so, but consumers don’t need to panic, he said.
“Yields aren't going to fall off a cliff immediately after the Fed cuts rates,” he said.
Price Action: Mortgage lenders and credit card companies trended upward into Monday’s late-afternoon trading.
Read Now:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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