The increased borrowing costs helped drive down mortgage applications in the week ended Oct. 2, the Mortgage Bankers Association said. 

Longer-term interest rates, such as mortgages, have largely priced in this latest increase and are not expected to have much of a reaction to the news.

The increase in purchase activity offset a decrease in refinancings. 

The updated underwriting guidelines have caused consternation among many in the housing industry. 

The uptick was driven by a slight dip in mortgage rates. 

The increase was driven by refinancing activity as purchase applications dipped. 

Saul Pinela is the top-transacting Latino mortgage originator in Chicagoland, according to the annual Top 250 ranking from the National Association of Hispanic Real Estate Professionals.

The rate passed the important psychological boundary just as the spring buying season is set to begin, Freddie Mac said. 

The Fed said that while economic activity has been expanding at a solid pace, job growth has remained low, and inflation is “somewhat elevated.”  

The mortgage veteran has been in the industry for more than 23 years. 

Smith will split his time between Rate’s offices in Chicago and South Florida.   

The move was expected, but came amid increasing dissention among Fed officials, who voted for the cut by the sharpest division in six years.

Leaders from Chicagoland lenders Rate, A&N, Chase and Wintrust Mortgage share their mortgage-lending predictions.

As part of the relaunch, Rate announced the results of a study it conducted, which found almost seven in 10 homebuyers said homeownership keeps them up at night. 

The Federal Reserve trimmed its federal funds rate from 4% to 3.75% as it seeks maximum employment and inflation of 2%. 

Fannie Mae also reduced its forecasts for home sales in 2025 and 2026.