Ben Eisen
speaker
1,467 appearances
35 recordings
1 series
first heard Jul 2017
last heard Nov 2024
Ben Eisen’s voice in public audio — every appearance, attributed to the second.
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WSJ Your Money Briefing · The Fed Is Cutting Rates. Why Aren't Mortgage Rates Falling? · 11 Nov 2024
podcast
All of that factors into these higher long-term rates, which in turn push up mortgage rates.
Well, the housing market has been pretty cool for a number of years now, and home sales have been declining.
People haven't been putting their houses on the market, and yet the economy continues to chug along.
So yes, the housing market is one very important part of the economy, but it is not the only part of the economy.
It really depends what's going on in the world.
And right now is sort of a unique time.
One thing that's unique about it is that the Federal Reserve is cutting rates at a time when the economy is somewhat strong.
Oftentimes when the Fed is cutting rates, the economy is weakening rapidly and the Federal Reserve is racing to kind of contain a weakening economy.
Think about 2008 when everything sort of imploded at once.
People generally expect rates to fall over time.
The Fed is cutting rates.
Eventually, that should factor into borrowing costs.
You're seeing other borrowing costs inch down, not to the same extent as the Fed's actual cuts.
But there is a sense that eventually, as it starts to flow through the economy, you will see mortgage rates fall.
That said, a lot of people say these higher for longer rates are going to be with us.
So even if mortgage rates inch down, they're probably not going back to the 2%, 3%, 30-year fixed rate that we saw a few years back.
the average rate that Freddie Mac produces each week is simply that.
It's an average.
The rates on offer are below that and above that.
Over the last few years, as we've had these high mortgage rates, the difference between the low rate and the high rate has gotten wider, meaning there's basically a benefit for shopping around.
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