Following prepared remarks by Federal Reserve chair, Jerome Powell, indicating that interest rates were unlikely to be raised again, Marty Green spoke with reporters about the possible ramifications of Powell’s comments and how any action – or inaction – by the Fed might affect mortgage rates.
“Mr. Powell’s remarks confirm what Patrick Harker, President of the Philadelphia Fed and a member of the Open Market Committee, told the Mortgage Bankers Association earlier this week, that the Fed is likely done with rate hikes in this cycle,” Green said. “Even though the Fed paused any change to the discount rate at its last meeting, mortgage rates increased nonetheless, making further adjustments by the Fed less necessary.”
Green added: “We hope that Mr. Powell’s remarks will bring some needed stability in the interest rate environment and that the days when the mortgage industry and the American consumer see lower rates will be here a bit sooner than the Fed anticipated.”
Green’s commentary was included in the following coverage:
- National Mortgage Professional: Fed Grapples With Persistent Inflation Concerns, Says Powell
- Mortgage Professional America: Long-term mortgage rates show no sign of slowing