A new report shows the number of potential mortgage borrowers fell in June mortgage capital transactions.
Mortgage interest rates locked in a quarterly decrease of 7.84% in June.
The MCT said this week that the drop followed a brief increase in volumes at the start of the traditional buying season, pointing to an ongoing impasse between limited housing supply and higher interest rates (7.11 per cent on Friday).
While purchase lock-ins fell by 8.99%, refinances increased by 11.56%. Overall, sales in June increased by 6.11% compared with the same period last year.
MCT head of trading Andrew Rhodes said in a statement that the June economic report is expected to play a key role in shaping economic trends. United States Federal Reservenext step.
“If the upcoming non-farm payrolls report and consumer price index (CPI) continue to be consistent with forecasts and these economic indicators continue to show progress, we may see a rate cut or two before the end of the year,” he said.
Friday’s jobs report showed 206,000 new jobs were created, above expectations for 189,000 but down sharply from previous months.
Traders on Friday expected two rate cuts in 2024, starting in September.
