Real Estate News 02/14/2024

Today’s News Synopsis:

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 6.87% last week from 6.80% the week before.

In The News:

CNBC – “Mortgage rates surge higher again, causing homebuyers to pull back“ (02-14-24)

“Total mortgage application volume fell 2.3% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.”

CBS News –  “What the latest inflation numbers mean for mortgage rates” (02-13-2024)

“While that January rise was lower than December’s 3.4%, it was still a move in the wrong direction, strongly indicating that interest rate cuts that seemed almost imminent a few months ago will be delayed until later in 2024. ”

NAR –  “Marriage or Mortgage: Couples Decide Which Comes First” (02-14-24)

“The average cost of an engagement ring is $5,500—about the same as a 3% down payment on a home in some markets. Many couples may wonder whether, instead of marriage, the right question to pop is: Will you buy a house with me?.”

Redfin –  “Homeowners Today Stay in Their Homes Twice As Long As They Did in 2005, Driven Largely By Older Americans Aging in Place” (02-14-2024)

“Homeowners are staying put longer than they were in the early aughts. That’s largely because older Americans are aging in place and it’s difficult to find and afford houses, but partly because it was easy to get mortgages in the early 2000s.”

Money –  “This Year Is ‘Going to Be Tough’ for Housing Affordability: HUD Secretary” (02-14-24)

“A“It’s going to be tough, there’s no question about it,” Marcia Fudge, secretary of the Department of Housing and Urban Development (HUD), tells Money.”