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CNET
a day ago
- Business
- CNET
July Mortgage Rate Forecast: The Fed Isn't Rushing to Lower Interest Rates
Buyers should keep an eye on the possibility of rate cuts in the next few months. Tharon Green/CNET For the past several months, the average 30-year fixed mortgage rate has sat between 6.5% and 7%. Prospective homebuyers shouldn't hold their breath for that to change anytime soon. On July 30, the Federal Reserve is expected to keep borrowing rates the same at its fifth monetary policy meeting this year. Although the central bank doesn't directly dictate mortgage rates, its policy decisions indirectly influence consumer borrowing costs, including for mortgages, over the long term. Mortgage rates, which are primarily tied to 10-year Treasury yields in the bond market, are also sensitive to other factors, including investor outlook for future Fed moves. Economists will be closely listening to Fed Chair Jerome Powell's post-meeting remarks for any hints about rate cuts later this year. "While the Fed isn't expected to cut rates, Powell's language will be crucial," said Logan Mohtashami, lead analyst at HousingWire. Markets currently expect a Fed cut in September. If Powell indicates slow progress on inflation and ongoing economic uncertainty, that may keep the Fed in monitor mode this fall, and bond yields and mortgage rates could increase. Ultimately, it's unlikely that mortgage rates will fall significantly outside the current range unless the economy slows significantly or unemployment increases sharply. Affordability challenges and elevated mortgage rates have kept the housing market frozen for several years. Even as the long-standing housing shortage eases in several local markets and gives those buyers improved negotiating power, the rest remain locked out by steep home prices. Why is the Fed holding off on interest rate cuts? After inflation showed ongoing signs of slowing in late 2024, the Fed lowered rates three times, yet the picture is more complex this year. The Fed is tasked with maintaining maximum employment and containing inflation. A sluggish economy typically warrants interest rate cuts to stimulate growth, but lowering rates too quickly could fuel price growth when inflation is still sticky. Though President Trump has pushed for the Fed to cut rates immediately, reducing rates prematurely, especially in response to political pressure, could exacerbate the problem. "Markets might interpret such a move as a signal of diminished inflation discipline, pushing bond yields higher due to inflation concerns," said Kara Ng, senior economist at Zillow. "Ironically, this could cause mortgage rates to rise, not fall, counteracting the intended stimulus." Tariffs are also a wild card for the mortgage market and the broader economy. While assumed to be inflationary, they could be transitory and translate into a one-time price increase for goods and services. "There is a widely held consensus among economists that the potential impact of the administration's tariff policies and economic growth are still unclear and more time is needed to see the full effect," said Selma Hepp, chief economist at Cotality. "As a result, the Fed is adopting a 'wait-and-see' approach." Most analysts expect two Fed rate cuts this year, but with trade negotiations ongoing, it's still a toss-up, said Mohtashami. Following signs of slowing inflation in late 2024, the Fed implemented three interest rate cuts but has since adopted a more cautious wait-and-see approach this year. Policymakers have held interest rates steady amid market fluctuations, a stance it's expected to uphold at its Federal Open Market Committee meeting next week Today's complex economic picture presents a challenge for the Fed, which is tasked with maintaining maximum employment and containing inflation. The president has claimed that prices are low and the Fed should cut rates immediately. But tariffs, which are taxes on imported goods, are widely expected to drive up prices. We're already starting to see the effects: In June, inflation ticked up to 2.7%. While lower than markets expected, price growth is still well above the Fed's annual target rate of 2%. As a result, experts say the central bank has good reason to keep rate cuts on pause. "Increased uncertainty about the inflation picture lessens the chances of a cut in rates by the Fed," said Keith Gumbinger, vice president at "Greater inflation would argue against cutting rates, absent any significant deterioration in labor conditions." Fewer interest rate cuts combined with the recently passed budget bill, which is expected to significantly boost government debt deficits, are likely to keep upward pressure on longer-term bond yields and mortgage rates. But Kushi notes that "any changes, delays or confirmations around tariffs could swing investor sentiment and move yields." When will mortgage rates fall to 6%? Earlier mortgage projections had rates dropping to around 6% by the end of 2025. Now, mortgage rates are expected to dip only slightly. Fannie Mae's June Housing Forecast says the average rate for a 30-year fixed mortgage will reach 6.5% by year's end. The Mortgage Bankers Association expects rates to stay mostly flat around 6.7% this year. Generally, housing market experts don't see home loan rates falling below 6% until late 2026 at the earliest. However, rising unemployment or negative growth could prompt a series of Fed cuts and lead to lower bond yields and mortgage rates. At the same time, if cheaper mortgages result from an economic downturn, with households facing job losses, tighter budgets and financial instability, potential buyers could remain locked out. A recession isn't a foregone conclusion, but the risk of a slowdown remains, with joblessness on the rise. Can you get a lower mortgage rate? Prospective buyers waiting for mortgage rates to drop may soon have to adjust to the "higher for longer" rate environment. Yet while market forces are out of your control, there are ways to make buying a home slightly more affordable. Last year, nearly half of all homebuyers secured a mortgage rate below 5%, according to Zillow. Here are some proven strategies that can help you save up to 1.5% on your mortgage rate. 💰 Build your credit score. Your credit score will help determine whether you qualify for a mortgage and at what interest rate. A credit score of 740 or higher will help you qualify for a lower rate. 💰 Save for a bigger down payment. A larger down payment allows you to take out a smaller mortgage and get a lower interest rate from your lender. If you can afford it, a down payment of at least 20% will also eliminate private mortgage insurance. 💰 Shop for mortgage lenders. Comparing loan offers from multiple mortgage lenders can help you negotiate a better rate. Experts recommend getting at least two to three loan estimates from different lenders. 💰 Consider mortgage points. You can get a lower mortgage rate by buying mortgage points, with each point costing 1% of the total loan amount. One mortgage point equals a 0.25% decrease in your mortgage rate. Watch this: 6 Ways to Reduce Your Mortgage Interest Rate by 1% or More 02:31
Economic Times
09-07-2025
- Business
- Economic Times
Cape Coral signals a housing market crash, what is happening in this Florida city
What is happening in Cape Coral Live Events The downturn begins Reasons behind the downturn (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Florida's Cape Coral is currently sitting on the verge of one of the worst housing markets in all of America, and experts believe that the situation is likely to escalate further soon. This situation, caused by a sharp decline in home prices, has created turmoil in the real estate industry, with many experts calling it a precursor to the 2008 US financial agents who spoke with HousingWire believe that the southwest Florida city is experiencing a natural market correction, and it cannot be called a the 2008 financial crisis occurred due to subprime mortgages, speculative buying, and a lack of oversight on the mortgage market, the situation in the Cape Coral housing market has been triggered mainly by high mortgage rates , rising inventory, and growing economic uncertainty at the national housing market in Cape Coral exploded during the COVID-19 pandemic, which began in 2020. This was the time when new people flocked to the city due to it being a comparatively affordable town in Florida. The homes that were up for sale were bought quickly, which drove up prices. According to Redfin, the median sale price of a home in the city rose from $239,020 to $436,475 between May 2020 and May median home sale price in the Cape Coral-Fort Myers metro area jumped nearly 75%, peaking at $441,000 during these two years. Following this surge, the area became one of the fastest appreciating housing markets in the country, which meant that a pullback was not only on the cards but also kind of 2023, when the market across the US witnessed a brief price correction, Cape Coral's housing market was on a downturn. In May 2023, the median sale price of a home had plunged by 5.3 percent in comparison to 2022 to $413, May 2024, it was down to $391,200, which is a drop of another 5.3 percent year-over-year. And in May 2025, the median sale price of a home in Cape Coral was down to $361,250, 7.7 percent less than a year earlier.A recent article from The Wall Street Journal shed light on falling home prices, empty open houses, and investor pullbacks. An analysis of home prices in the Florida city conducted by for America's leading daily revealed that home prices in the Cape Coral metropolitan statistical area witnessed a drop of 11 percent in the two years through May. This is reportedly the most of any metro area in the country in that same situation prevailing in the city is quite similar to the rest of Florida. One of the main reasons is the imbalance between buyers and sellers in Cape Coral. According to Parcl Labs, currently, Cape Coral has a record surplus of 10,049 units, a 525 percent growth since 2022, and an absorption rate of 0.268, which is lower than the country's average of company reported that Cape Coral has also reached "unprecedented levels" of price reduction activity, with 55.35 percent of listings cutting prices, much more than the 34 percent nationwide Florida, a steep rise in new developments triggered by the pandemic boom also added to the significant increase in the available stock of for-sale homes. In May 2025, the state had 234,288 homes for sale, an increase of 14.2 percent as compared to 2024, including 45,771 newly listed listings are also rising because a smaller number of buyers are showing interest in the inventory due to long-standing affordability issues like high mortgage rates and rising costs. Another major reason behind the cooling down of demand across the Sunshine State is slow domestic migration, which is partially due to return-to-office orders across the challenges faced by Cape Coral are similar to those of the state, but the city also has some issues of its own. Hurricane Ian badly hit the city in September 2022, and its recovery has been strained by the other storms and flooding that followed that deadly growing frequency of natural disasters on the Southwest Florida coast has increased the cost of home insurance, while some carriers have cut coverage in the most at-risk areas of the state. According to MoneyGeek, home insurance in the Florida city costs an average of $640 per month, or $7,679 per year.
Time of India
09-07-2025
- Business
- Time of India
Cape Coral signals a housing market crash, what is happening in this Florida city
What is happening in Cape Coral Live Events The downturn begins Reasons behind the downturn (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Florida's Cape Coral is currently sitting on the verge of one of the worst housing markets in all of America, and experts believe that the situation is likely to escalate further soon. This situation, caused by a sharp decline in home prices, has created turmoil in the real estate industry, with many experts calling it a precursor to the 2008 US financial agents who spoke with HousingWire believe that the southwest Florida city is experiencing a natural market correction, and it cannot be called a the 2008 financial crisis occurred due to subprime mortgages, speculative buying, and a lack of oversight on the mortgage market, the situation in the Cape Coral housing market has been triggered mainly by high mortgage rates , rising inventory, and growing economic uncertainty at the national housing market in Cape Coral exploded during the COVID-19 pandemic, which began in 2020. This was the time when new people flocked to the city due to it being a comparatively affordable town in Florida. The homes that were up for sale were bought quickly, which drove up prices. According to Redfin, the median sale price of a home in the city rose from $239,020 to $436,475 between May 2020 and May median home sale price in the Cape Coral-Fort Myers metro area jumped nearly 75%, peaking at $441,000 during these two years. Following this surge, the area became one of the fastest appreciating housing markets in the country, which meant that a pullback was not only on the cards but also kind of 2023, when the market across the US witnessed a brief price correction, Cape Coral's housing market was on a downturn. In May 2023, the median sale price of a home had plunged by 5.3 percent in comparison to 2022 to $413, May 2024, it was down to $391,200, which is a drop of another 5.3 percent year-over-year. And in May 2025, the median sale price of a home in Cape Coral was down to $361,250, 7.7 percent less than a year earlier.A recent article from The Wall Street Journal shed light on falling home prices, empty open houses, and investor pullbacks. An analysis of home prices in the Florida city conducted by for America's leading daily revealed that home prices in the Cape Coral metropolitan statistical area witnessed a drop of 11 percent in the two years through May. This is reportedly the most of any metro area in the country in that same situation prevailing in the city is quite similar to the rest of Florida. One of the main reasons is the imbalance between buyers and sellers in Cape Coral. According to Parcl Labs, currently, Cape Coral has a record surplus of 10,049 units, a 525 percent growth since 2022, and an absorption rate of 0.268, which is lower than the country's average of company reported that Cape Coral has also reached "unprecedented levels" of price reduction activity, with 55.35 percent of listings cutting prices, much more than the 34 percent nationwide Florida, a steep rise in new developments triggered by the pandemic boom also added to the significant increase in the available stock of for-sale homes. In May 2025, the state had 234,288 homes for sale, an increase of 14.2 percent as compared to 2024, including 45,771 newly listed listings are also rising because a smaller number of buyers are showing interest in the inventory due to long-standing affordability issues like high mortgage rates and rising costs. Another major reason behind the cooling down of demand across the Sunshine State is slow domestic migration, which is partially due to return-to-office orders across the challenges faced by Cape Coral are similar to those of the state, but the city also has some issues of its own. Hurricane Ian badly hit the city in September 2022, and its recovery has been strained by the other storms and flooding that followed that deadly growing frequency of natural disasters on the Southwest Florida coast has increased the cost of home insurance, while some carriers have cut coverage in the most at-risk areas of the state. According to MoneyGeek, home insurance in the Florida city costs an average of $640 per month, or $7,679 per year.
Miami Herald
03-07-2025
- Business
- Miami Herald
CMG Financial's Courtney Thompson and Susan Walker Named 2025 HousingWire Women of Influence
SAN RAMON, CA / ACCESS Newswire / July 2, 2025 / CMG Financial, one of the nation's top mortgage lenders, is proud to announce that two of its Executive Vice Presidents, Courtney Thompson and Susan Walker, have been named to HousingWire's 2025 Women of Influence list. This prestigious award honors women in housing who are making notable contributions to both their organizations and the industry at large. With their innovative thinking, leadership, and vision for the future, Courtney and Susan exemplify what it means to lead with impact. "This year's honorees include mentors, innovators, and community leaders," wrote Lesley Collins, HousingWire Editor's Choice Awards Program Manager. "Many are paving the way for future generations through mentorship, volunteer initiatives, and by serving on boards that influence key industry practices. Collectively, their efforts are shaping not only their companies but also the communities they serve and the future of housing itself." Courtney Thompson, EVP of Servicing at CMG, has spent the past year tackling one of the biggest challenges in mortgage servicing: building a modern, borrower-first platform from the ground up. Tasked with developing a fully in-house servicing solution, she's led a bold effort to move beyond outdated legacy systems and create something built for today's consumer. Under her leadership, the platform has taken shape as a fully connected ecosystem-one that keeps loan officers involved post-close, gives borrowers access to personalized tools and insights, and reshapes how homeowners interact with their loans. It's not just a tech project-it's a reinvention of the servicing experience, and it's already drawing attention across the industry. Susan Walker, EVP of Corporate Efficiency at CMG, has spent the past year acting as the voice of the loan officer, translating feedback from top performers into meaningful enhancements to CMG's core platforms, CLEAR and Byte. By embedding herself directly with Product and Technology teams, she helped identify workflow inefficiencies and delivered rapid-fire improvements that drove adoption, boosted morale, and aided in bolstering these systems into competitive strengths. Her impact earned her a seat on the Executive Management Team, where she now oversees Post Closing, Vendor Management, and Product. In this new role, she continues to lead with the same hands-on, cross-functional approach, streamlining operations, reducing costs, and identifying upstream efficiency and alignment opportunities. Her results speak volumes: a West Division that topped $3B in volume, over 100 strategic hires, and a culture that now embraces technology more than ever before. Susan's work isn't just about optimizing systems, it's about building a smarter, more resilient CMG. "Courtney and Susan are both exceptional leaders and trusted partners who bring passion, clarity, and a deep sense of responsibility to everything they do," said Paul Akinmade, Chief Strategy Officer at CMG Financial. "They care deeply about their work, their teams, and the future of this company. What stands out is how they bring people together to drive meaningful change, from the first moments of origination all the way through to servicing." CMG congratulates both honorees and thanks HousingWire for recognizing the leadership, excellence, and trailblazing impact of women across housing finance. To read their full Women of Influence profiles, click here. About CMG CMG Mortgage, Inc. NMLS ID# 1820 ( ) is a well-capitalized mortgage lender founded in 1993. Founder and CEO, Christopher M. George, was Chairman of the Mortgage Bankers Association in 2019. CMG makes its products and services available to the market through three distinct origination channels including retail lending, wholesale lending, and correspondent lending. CMG currently operates in all states, including the District of Columbia, and holds approvals with FNMA, FHLMC, and GNMA. CMG is widely known throughout the mortgage banking and housing markets for responsible lending practices, industry and consumer advocacy, product innovation, and operational efficiency. About HousingWire HousingWire is the most influential source of news and information for the U.S. mortgage and housing markets, boasting a readership that spans lending, servicing, investments, and real estate market participants, as well as financial market professionals. With over 10 million annual unique visitors, HousingWire is the community for mortgage and housing professionals to engage and connect. Industry decision-makers rely on us to Move Markets Forward. Media Contact Annaugh MadsenPhone: (667) 260-6360Email: amadsen@ SOURCE: CMG Financial press release
Associated Press
02-07-2025
- Business
- Associated Press
CMG Financial's Courtney Thompson and Susan Walker Named 2025 HousingWire Women of Influence
SAN RAMON, CA / ACCESS Newswire / July 2, 2025 / CMG Financial, one of the nation's top mortgage lenders, is proud to announce that two of its Executive Vice Presidents, Courtney Thompson and Susan Walker, have been named to HousingWire's 2025 Women of Influence list. This prestigious award honors women in housing who are making notable contributions to both their organizations and the industry at large. With their innovative thinking, leadership, and vision for the future, Courtney and Susan exemplify what it means to lead with impact. 'This year's honorees include mentors, innovators, and community leaders,' wrote Lesley Collins, HousingWire Editor's Choice Awards Program Manager. 'Many are paving the way for future generations through mentorship, volunteer initiatives, and by serving on boards that influence key industry practices. Collectively, their efforts are shaping not only their companies but also the communities they serve and the future of housing itself.' Courtney Thompson, EVP of Servicing at CMG, has spent the past year tackling one of the biggest challenges in mortgage servicing: building a modern, borrower-first platform from the ground up. Tasked with developing a fully in-house servicing solution, she's led a bold effort to move beyond outdated legacy systems and create something built for today's consumer. Under her leadership, the platform has taken shape as a fully connected ecosystem-one that keeps loan officers involved post-close, gives borrowers access to personalized tools and insights, and reshapes how homeowners interact with their loans. It's not just a tech project-it's a reinvention of the servicing experience, and it's already drawing attention across the industry. Susan Walker, EVP of Corporate Efficiency at CMG, has spent the past year acting as the voice of the loan officer, translating feedback from top performers into meaningful enhancements to CMG's core platforms, CLEAR and Byte. By embedding herself directly with Product and Technology teams, she helped identify workflow inefficiencies and delivered rapid-fire improvements that drove adoption, boosted morale, and aided in bolstering these systems into competitive strengths. Her impact earned her a seat on the Executive Management Team, where she now oversees Post Closing, Vendor Management, and Product. In this new role, she continues to lead with the same hands-on, cross-functional approach, streamlining operations, reducing costs, and identifying upstream efficiency and alignment opportunities. Her results speak volumes: a West Division that topped $3B in volume, over 100 strategic hires, and a culture that now embraces technology more than ever before. Susan's work isn't just about optimizing systems, it's about building a smarter, more resilient CMG. 'Courtney and Susan are both exceptional leaders and trusted partners who bring passion, clarity, and a deep sense of responsibility to everything they do,' said Paul Akinmade, Chief Strategy Officer at CMG Financial. 'They care deeply about their work, their teams, and the future of this company. What stands out is how they bring people together to drive meaningful change, from the first moments of origination all the way through to servicing.' CMG congratulates both honorees and thanks HousingWire for recognizing the leadership, excellence, and trailblazing impact of women across housing finance. To read their full Women of Influence profiles, click here. About CMG CMG Mortgage, Inc. NMLS ID# 1820 ( )( ) is a well-capitalized mortgage lender founded in 1993. Founder and CEO, Christopher M. George, was Chairman of the Mortgage Bankers Association in 2019. CMG makes its products and services available to the market through three distinct origination channels including retail lending, wholesale lending, and correspondent lending. CMG currently operates in all states, including the District of Columbia, and holds approvals with FNMA, FHLMC, and GNMA. CMG is widely known throughout the mortgage banking and housing markets for responsible lending practices, industry and consumer advocacy, product innovation, and operational efficiency. About HousingWire HousingWire is the most influential source of news and information for the U.S. mortgage and housing markets, boasting a readership that spans lending, servicing, investments, and real estate market participants, as well as financial market professionals. With over 10 million annual unique visitors, HousingWire is the community for mortgage and housing professionals to engage and connect. Industry decision-makers rely on us to Move Markets Forward. Media Contact Annaugh Madsen Phone: (667) 260-6360 Email: [email protected] SOURCE: CMG Financial press release
