Cnbc.com
The Federal Open Market Committee chose to lower its key overnight borrowing rate by a half percentage point, or 50 basis points, amid signs that inflation was moderating and the labor market was weakening. It was the first interest rate cut since the early days of the Covid pandemic.
Interest Rate Cut Commentary: MBA
Mba.org
Market participants had been divided about how much the Fed would cut at its meeting today, so this decision is likely to spur some rate volatility as investors adjust to this expected path for monetary policy.
Interest Rate Cut Commentary: NAR
Nar.realtor
The Fed’s half-point rate cut decision is the beginning of six to eight rounds of further rate cuts well into 2025. The very next cut will occur after the Presidential election. The justification is cooling inflation in recent months and lighter job gains.
Weekly Mortgage Demand Surges 14% as Interest Rates hit two-year low
Cnbc.com
Total mortgage application volume rose 14.2% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Last week’s results included an adjustment for the Labor Day holiday.
New Study Shows Increase in Seller Impersonation Fraud
Alta.org
Seller impersonation fraud is a growing concern in the real estate industry. In 2023, 28% of title insurance companies experienced at least one seller impersonation fraud attempt, and in April 2024 alone, two in 10 title companies experienced attempts.
