Fed Chairman Jerome Powell's Jackson Hole speech last Friday made it very clear that two things are rising: 1) confidence that inflation is heading towards the Fed's 2% target, and 2) concern that the unemployment rate is rising too quickly. "The direction of travel is clear, and the timing and pace of rate cuts will depend on … [Read more...] about 🏡 Rates are DROPPING!!! ⤵️
Uncategorized
The Fed kept rates steady (again), but said that a rate cut on Sept 18 was definitely "on the table" given progress on inflation and the recent rise in the unemployment rate. The bond market rejoiced, helping to send average mortgage rates near 6.6%. Hope you enjoy this encouraging news. Mortgage rates … [Read more...] about
What’s Up with Real Estate this Week? July 13th, 2024
National news and local views for the week ending Friday, July 12, 2024 Breaking below 7% Lower than expected May PCE + unemployment rate moving up to 4.1% + lower than expected June CPI = average mortgage rates have finally moved back below 7%! At the moment, the market is pricing in 1-2 rate cuts before … [Read more...] about What’s Up with Real Estate this Week? July 13th, 2024
Veterans Affairs Signals Temporary Suspension of Buyer Agent Payment Ban
Official says the department will temporarily allow VA buyers to directly compensate their agent. The Department of Veterans Affairs plans to temporarily lift its ban on buyers directly paying for professional real estate representation until the agency deems it necessary to engage in a formal rule making process, a VA official … [Read more...] about Veterans Affairs Signals Temporary Suspension of Buyer Agent Payment Ban
What’s Up with Real Estate This Week? May 31st, 2024!
Average mortgage rates moved up nearly half a percent in April. As you'd expect, that hurt new and existing home sales. But rates have fallen since then thanks to cooler inflation, employment and retail sales figures. Will the move back to near 7% be enough to put the groove back in Spring sales? Rates hold around … [Read more...] about What’s Up with Real Estate This Week? May 31st, 2024!
Whats Up With Real Estate This Week? April 28th, 2024
Higher inventory levels are boosting transaction volumes for both existing and new homes as the spring selling season gets going. This despite average 30-yr mortgage rates remaining over 7.5%. It's a reminder that 'life happens' (the 6 D's of real estate), and when you gotta move, you gotta move! So here we … [Read more...] about Whats Up With Real Estate This Week? April 28th, 2024
What’s Up With Real Estate This Week? March 29th, 2024 – 🐣
Momentum is clearly picking up. In the last week, we've seen much stronger-than-expected existing home sales (4.4 million units SAAR) for February 2024. Lower 30-yr mortgage rates (<7%) are certainly helping, as are higher inventory levels! Hope you enjoy my latest update. Happy Easter! Rates trend lower Average … [Read more...] about What’s Up With Real Estate This Week? March 29th, 2024 – 🐣
What’s Up with Real Estate This Week? March 1st, 2024
Still above 7% Average 30-yr mortgage rates stayed above 7% for the third-straight week, and higher rates are already dampening transaction activity. After jumping 9.4% month-over-month in Dec 2023, pending sales (signed contracts) backtracked 4.9% MoM in January 2024. [National Association of Realtors] This … [Read more...] about What’s Up with Real Estate This Week? March 1st, 2024
