Mortgages

• Mortgage rates move higher after the Fed rate cut, causing loan demand to drop - Mortgage rates moved higher after the Fed cut interest rates last week. That caused demand to drop for both home buying and refinancing.
• Homeowners are losing thousands in equity thanks to weakening prices - Weaker prices mean homeowners are starting to lose equity after several years of huge gains.
• Home prices go negative for the first time in over 2 years — and may stay that way for a while - Home prices have not gone negative since mid-2023, a year after the Federal Reserve first brought rates up from zero, and mortgage rates moved sharply higher.
• Refinance demand for FHA loans jumps 24%, as homeowners seek the most savings they can - Current homeowners are turning to government FHA loans, which offer lower interest rates, to find savings, as conventional rates turn higher.