Real Estate News 04/12/2024

Today’s News Synopsis:

Applications to refinance a home loan jumped 10% for the week and were 4% higher than the same week one year ago.

In The News:

CNBC – “Mortgage refinance demand surges even as rates cross back over 7%. Here’s why“ (04-10-24)

“The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 7.01% from 6.91%”

Financial Times –  “‘Forget boomers vs millennials, the next conflict is millennials vs each other“ (04-12-2024)

“Growing wealth inequality between thirtysomethings could soon displace tensions between young and old”

Redfin –  “Housing Market Update: Monthly Payments Set New Record–and Buyers’ Costs Will Likely Stay High on Inflation News” (04-06-24)

“Daily average mortgage rates reached their highest level in nearly five months following Wednesday’s hotter-than-expected inflation report, which will likely keep mortgage rates elevated for the foreseeable future. ”

The Real Deal – “SF office market shows first signs of turning the corner” (04-10-2023)

“The San Francisco office market is showing signs of life, with market activity poised to reach its highest level since the pandemic, according to a first-quarter report from brokerage CBRE. ”

Think Realty – “Rent Prices vs. Income: 4 Major Problems Renters Face and What’s Next for the Market” (04-10-2023)

“Home prices have skyrocketed in recent years, locking many out of the housing market. With the prospect of buying a home more daunting than ever, many Americans are choosing to rent rather than buy. Yet rent prices have also increased steadily over the past few years, making housing affordability an issue that impacts renters twofold.”