Reasonable quarter out of JPMorgan (JPM) this morning. Read more from our banking reporter David Hollerith.

I hopped on JPM’s earnings media call and asked CFO Jeremy Barnum his views on housing post Fed rate cut. All in all, it didn’t sound like a housing boom was taking shape with lower rates — but activity has picked up.

Here’s what Barnum told me (emphasis ours):

“What we did see, as you kind of would expect, is a pickup in mortgage applications and a tiny bit of increase in refinancings there, which, again, you would also expect. But it’s worth noting, when it comes to mortgages, that all of the sequential and year-on-year changes are coming off a very low base, and it remains the case that the vast majority of the stock of outstanding mortgages right now in this country are below 6% with a lot of them still even below 5%.

So it would take a really big rally in the long end of the yield curve to see a significant pickup in refinancing. The house view on home prices, you know, I think generally you’ve got a tension there between possibly a slightly weakening economy that should create a little bit more supply, there’s a little bit more construction, but there’s generally a housing shortage in this country. So the housing market seems to me is still a little bit stuck, I would say.

Read the full article here

Share.

Leave A Reply

Your road to financial

freedom starts here

With our platform as your starting point, you can confidently navigate the path to financial independence and embrace a brighter future.

Registered address:

First Floor, SVG Teachers Credit Union Uptown Building, Kingstown, St. Vincent and the Grenadines

CFDs are complex instruments and have a high risk of loss due to leverage and are not recommended for the general public. Before trading, consider your level of experience, relevant knowledge, and investment objectives and seek financial advice. Vittaverse does not accept clients from OFAC sanctioned jurisdictions. Also, read our legal documents and make sure you fully understand the risks involved before making any trading decision

Exit mobile version