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Bloomberg Intelligence
US Mortgage Rates Fall Again, Israel Widens War
Sep 25, 2024
Stuart Paul, a US Economist with Bloomberg Economics, highlights the recent drop in mortgage rates and its impact on refinancing opportunities. Bobby Ghosh, a Senior Editor at Bloomberg News, discusses escalating tensions in the Middle East, particularly the Israel-Hezbollah conflict. Nancy Daoud, a Private Wealth Advisor, provides insights into market dynamics and investment strategies. Daniel McGahn, CEO of AMSC, shares the company's growth amidst renewable energy demands, while Michael Cuggino focuses on portfolio management in the current economic climate.
36:37
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Quick takeaways
- The recent drop in US mortgage rates has led to an 11% increase in mortgage applications, particularly encouraging refinancing among certain homeowners.
- Geopolitical tensions, specifically the conflict between Israel and Hezbollah, are creating market uncertainty and influencing global economic conditions.
Deep dives
The Rise of Refinancing Demand
Recent trends reveal a notable increase in mortgage applications, up by 11%, driven by recent decreases in mortgage rates. Homeowners who secured mortgages at rates above seven percent during the post-COVID era are now seizing the opportunity to refinance as rates drop about 150 basis points from previous highs. Although many existing homeowners are reluctant to refinance, given their current rates slightly under four percent, the shift in rates has sparked enthusiasm among those who need to move or adapt to new job requirements. This suggests a potential uptick in refinancing activity, especially among demographics that were affected by earlier high rates.
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