Real Estate News 01/31/2024

Today’s News Synopsis:

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.

In The News:

Yahoo Finance – “Federal Reserve leaves interest rates unchanged, tempers expectations on rate cuts ahead“ (01-31-24)

“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.”

CNBC –  “Biden administration looks to forgive student debt of borrowers in hardship” (01-31-2024)

“The Biden administration announced on Wednesday that it will try to deliver student loan forgiveness to borrowers experiencing financial hardship.”

Redfin –  “Homebuyers on a $3,000 Monthly Budget Have Gained Nearly $40,000 in Purchasing Power Since Mortgage Rates Peaked Last Fall” (01-29-24)

“Buyers can afford a more expensive home now that mortgage rates have dropped to 6.7%, down from nearly 8% in October. Redfin economists don’t expect rates to rise or decline significantly in the foreseeable future. ”

CNBC –  “Fed recap: Powell shoots down March rate cut” (01-31-2024)

“The Federal Reserve left rates unchanged in January, but noted that it won’t be appropriate to cut rates until it has gained “greater confidence” that inflation is approaching its 2% goal. Fed Chair Jerome Powell will speak at a 2:30 p.m. press conference, where he will share details on this latest move.”

uDirect IRA –  “THE IRA 60-DAY ROLLOVER” (01-31-24)

“Mastering the IRA 60-day rollover provision empowers individuals to efficiently manage their retirement funds while avoiding unintended tax consequences. In this article, we explore the significance of the IRA 60-day rollover rule and the exceptions provided by the IRS for missed deadlines due to uncontrollable circumstances.”