Real Estate News 02/02/2024

Today’s News Synopsis:

The average rate on a 30-year fixed-rate mortgage is currently at about 6.7%. That’s down from 7.8% in late October, but way up from the 3% or so we saw in 2021.

In The News:

CNBC – “‘Don’t blame the Fed’ for high mortgage rates, says Zillow chief economist—the real culprit and his predictions for 2024“ (02-02-24)

“The Federal Reserve maintained its benchmark interest rate on Wednesday in a range of 5.25%-5.50%, the highest since 2001, and cautioned it won’t begin lowering interest rates until it sees further progress on inflation returning to its 2% target.”

Redfin –  “Housing Market Update: More People Are Touring Homes, But That Hasn’t Yet Translated to More Sales” (02-01-2024)

“Some house hunters are dipping their toes back into the market after harsh winter weather froze them out at the start of January. Redfin’s Homebuyer Demand Index–a measure of requests for tours and other buying services from Redfin agents–rose 6% from a week earlier during the week ending January 28, and a separate measure of showings also signals they’ve ticked up over the last week. ”

NAR –  “Love at First Listing: Navigating the Sweetheart Housing Market This Valentine’s Day” (01-31-24)

“Digging into the 2023 Profile of Home Buyers and Sellers data, we can unravel the makeup of households and how relationships play a role in shaping decisions when it comes to buying homes.”

LA Times –  “Thousands of California homeowners can cut their property tax billFed recap: Powell shoots down March rate cut” (01-31-2024)

“With property tax bills as high as they are in Southern California, you’d think that homeowners would sign up for every break they could get.”

Money Talks News –  “10 Housing Markets That Are Giving Buyers More Options” (02-02-24)

“Recently, Realtor.com studied December 2023 home listings in the 150 biggest U.S. housing markets. It then compared the number of listings with what was available one year earlier.”