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Fed Chair Again Emphasizes No ‘Risk-Free Path’ as Rate Cut Seems More Certain
Despite the uncertainty surrounding the length of the government shutdown and its ongoing effects, Federal Reserve Chair Jerome Powell yesterday highlighted concerns over employment data as all eyes are on the Federal Open Market Committee (FOMC) and a potential interest rate cut ahead of their next meeting Oct. 28-29. In a speech at the National…
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Mortgage Applications Drop Nearly 2%, FHAs Grow Alone
The government shutdown reaches its 15th day, leaving the housing market scarce as new pending sales pull back and buyer traffic slows down. With an unclear future for when the shutdown will end, mortgage applications decrease for the third consecutive week. The Mortgage Bankers Association (MBA) reports that the market composite index—the measure of mortgage…
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Zillow and CoStar Spar in First Hearing Over Copyright Infringement Claims
In a hearing today for the copyright lawsuit filed by CoStar against Zillow, Judge Edgardo Ramos of the Southern District of New York ordered both parties to submit more detailed arguments regarding the proper venue for the lawsuit, with CoStar previewing how it will allege Zillow is responsible for what the company claimed “may be…
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82% of Gen Z Say Reaching Homeownership Is Harder, as Young People Put Careers First
Homeownership is a daunting but desirable goal for many young Americans, yet many struggle to afford housing. In a survey from Redfin earlier this fall, 40% of millennials and Gen Z renters stopped dining out so they could afford their rent. The 30-year fixed-rate mortgage (FRM) has remained steady for weeks, and currently sits at…
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