Today’s News Synopsis:
Already, 30-year mortgage rates have fallen from recent highs. While they reached approximately 8% in October 2023, they now average 6.63% as of the beginning of February 2024, according to Freddie Mac.
In The News:
CBS News – “‘Will mortgage rates drop below 6% in 2024? Here’s what some experts thinkDon’t blame the Fed’ for high mortgage rates, says Zillow chief economist—the real culprit and his predictions for 2024“ (02-06-24)
“The US economy is in a tricky spot. To close out 2023, fourth quarter GDP measured at a robust 3.3% annual growth rate, but inflation remains above the Fed’s desired 2% target, so the central bank has yet to cut interest rates.”
NAR – “Mortgage Rates Likely to Remain Stable After Fed Move” (02-02-2024)
“The Federal Reserve signaled possible rate cuts to come, which could influence lower mortgage rates and spur housing activity.”
Yahoo Finance – “Commercial real estate a ‘manageable’ problem but some banks will close: Powell” (02-06-24)
“Federal Reserve chair Jerome Powell is predicting that more small banks will likely close or merge due to commercial real estate weaknesses, but that the problem is ultimately “manageable.”
Redfin – “32% of Homes for Sale in the Fourth Quarter Were Newly Built—Just Shy of the Record High” (02-01-2024)
“Nationwide, 31.8% of U.S. single-family homes for sale in the fourth quarter were new construction, comparable with 31.9% a year earlier, which is the highest level of any fourth quarter on record. ”
NAR – “Home Designer Shares ‘Ins’ and ‘Outs’ for 2024” (02-05-24)
“What home improvement projects should your clients take on this year? After crunching the latest data from Thumbtack, a home services website, design expert Morgan Olsen chimes in with her picks for the “ins” and “outs” of the new year.”
California Real Estate Investor Events
Bruce Norris will be the keynote speaker at the Fliphacking event in San Diego on Tuesday, Oct 12.
The Norris Group presents its award-winning black-tie event I Survived Real Estate 2023 on Friday, October 27.
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