Real Estate News 04/15/2024

Today’s News Synopsis:

Rising home prices and mortgage rates are making it harder to believe in the American dream of homeownership. Lack of affordability is the most commonly cited reason renters don’t believe they’ll ever own a home.

In The News:

Redfin – “Nearly 40% of Renters Think They’ll Never Own a Home, Up From 27% Last Year“ (04-12-24)

“Nearly two in five (38%) U.S. renters don’t believe they’ll ever own a home, up from roughly one-quarter (27%) less than a year ago. ”

SF Gate –  “‘Mortgage Rates Rise, but Home Sellers Gear Up To Sell Anyway as Listing Growth Hits 3-Year High“ (04-14-2024)

“The average rate for a 30-year fixed home loan rose from 6.82% to 6.88% for the week ending April 11, according to Freddie Mac.”

NAR –  “REALTORS® Land Market Survey” (04-14-24)

“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. ”

Yahoo Finance – “10-year Treasury yields at highest since November following strong retail sales data” (04-15-2023)

“Yields on benchmark U.S. 10-year Treasuries jumped to their highest level since November on Monday after stronger-than-expected retail sales data from March suggested the Federal Reserve could delay cutting interest rates this year.”

MPA Mag – “Could the Fed decide not to cut interest rates this year?” (04-15-2023)

“Inflation ticked unexpectedly upwards last week in unwelcome news for those holding out hope on an imminent Federal Reserve rate cut – and there’s no guarantee that the central bank will lower rates at all in 2024 if it remains high, according to a prominent mortgage industry executive.”