Long-term Treasury bonds have been in a world of hurt lately, as evidenced by the steep decline in the popular TLT ETF.
The culprit? Those stubborn Treasury yields that just won't budge, even as the Fed has been cutting rates. #tlt
The Mortgage Bankers Association reported a 20.3% increase in their refinancing index for the week ending September 20, 2024, reaching its highest point since April 2022. Overall applications, including those for home purchases, saw a 11% rise week over week, marking the highest level since July 2022.
The 30-year mortgage rate decreased slightly to 6.13%, marking its eighth consecutive weekly decline and the longest stretch of reductions since 2018-2019. Following the Federal Reserve's recent rate decrease after the July 2023 hike, there's growing demand for refinancing and new mortgages.
Although some of this demand could be due to a backlog, investors view this trend optimistically. This is evident in homebuilding ETFs and home improvement stores reaching 52-week and one-year highs, respectively.
#rates #FederalReserve #StockAlert #StockMarketNews #Headlines
Check this video out! Who gave this guy a parking pass and wow transformers building!! https://t.co/xENUOTZIVF
🏙️🚗🤨🤔 Two contrasting sights in one video! Witness a car parked haphazardly, despite having a handicap driving permit, and a unique building