Real Estate News 04/08/2024

Today’s News Synopsis:

Aspiring homeowners may have a less fraught experience shopping for a property as rate fluctuations calm, says NAR’s deputy chief economist.

In The News:

Realtor Magazine – “Steady Mortgage Rates Help Home Buyers Plan Ahead“ (04-05-24)

“So far this year, mortgage rates have not seen a rapid run-up like late last year, when they nearly eclipsed 8%. “Knowing that rates have stayed steady may make for a less fraught home shopping experience,” Lautz says.”

Money –  “‘Biden’s New Student Loan Forgiveness Plan Could Cancel Debt for 30 Million“ (04-08-2024)

“The Biden administration has unveiled a series of new student loan forgiveness initiatives that, in total, would wipe out some debt for over 30 million borrowers.”

CBS News –  “Using home equity to buy a second home? Here are the pros and cons” (04-04-24)

“If you’re in the market for a second home, you’re likely considering your financing options. While a traditional mortgage is one possibility, it comes with its challenges, particularly at today’s higher mortgage rates. But that doesn’t mean you won’t be able to buy the second home you’ve wanted. ”

Yahoo Finance – “NY Fed finds mixed outlook for inflation expectations in March” (04-08-2023)

“The bank found in its March Survey of Consumer Expectations that the public sees inflation a year from now at 3%, unchanged from the prior month. The expected level of inflation three years from now rose to 2.9% from 2.7% in February, while five years from now inflation is seen at 2.6% from the prior month’s prediction of 2.9%.”

MPA Magazine – “Mortgage rates stuck near 7%, but buyers still active” (04-05-2023)

“Freddie Mac reported that the average 30-year fixed-rate mortgage (FRM) continues to hover near 7%, currently at 6.82%. This figure represents a slight increase from last week’s average of 6.79%.  A year ago, the 30-year FRM average was significantly lower at 6.28%.”