Rate Relief No Consolation For America’s Priced-Out Homeowner Hopefuls

Guess what? The cost of financing half-million-dollar, wooden boxes over three decades fell appreciably last week in the US. Rejoice. Americans can now mortgage their lives away, quite literally, for 7.18%, according to the MBA's index, which fell 11bps from the prior week. You can thank Jerome Powell (who murmured his way around a marginally dovish press conference following the May FOMC meeting, at which the Committee unveiled a new runoff cap for Treasurys that was lower than expected) and