Real Estate News 9/29/2023

Today’s News Synopsis:

Mortgage rates surged to a 23-year high this week, landing another blow on the housing market.

In The News:

Yahoo Finance – “Mortgage rates hit a 23-year high” (9-29-2023)

“The rate on the average 30-year fixed mortgage increased to 7.31% from 7.19% the week prior, according to Freddie Mac. That’s the highest rate since mid-December 2000, when it averaged 7.42%.”

Attom Data– “Foreclosure Activity In First Half of 2023 Ticks Upwards Toward Pre-Covid Levels” (9-21-2023)

“Foreclosure Market Report, which shows there were a total of 185,580 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of 2023. That figure is up 13 percent from the same time period a year ago and up 185 percent from the same time period two years ago.”

Yahoo Finance – “Mortgage rates top 7% for the sixth straight week-but could go higher” (9-22-2023)

“The 30-year average mortgage rate rose to 7.19% this week from 7.18% the week before, according to Freddie Mac. The increase comes after the Federal Reserve on Wednesday signaled its benchmark interest rate will remain higher for the near future.”

NAR-“Pending House Sales Tumbled 7.1% in August” (9-28-2023)

“Pending home sales slid 7.1% in August, according to the National Association of REALTORS®. All four U.S. regions posted monthly losses and year-over-year declines in transactions.”

Yahoo Finance – “Most Government Economic Data will ‘completely cease’ during a shutdown” (9-29-2023)

“The Biden administration has confirmed that the government’s usual firehose of economic information is set to abruptly cease if a shutdown this weekend goes forward, with potential effects expanding all the way to the Federal Reserve’s next interest rate decision in November.”

Bloomberg – “Fed’s New Inflation Outlook Already Seems Outdates, Analysts Says” (9-29-2023)

“Federal Reserve officials’ latest inflation projections are already looking too high following the release of new data on consumer prices, suggesting another interest-rate increase this year is even less likely.