Real Estate News 04/30/2024

Today’s News Synopsis:

The 30-year fixed rate mortgage rose to 7.17% for the week ended April 25, according to Freddie Mac data via the Federal Reserve.

In The News:

CNBC – “How mortgage rates have impacted the spring housing market“ (04-29-24)

“Inflation remained stubbornly high last month, but it hasn’t stopped Americans from spending.”

Forbes –  “President Biden Has Proposed Tax Increases“ (04-29-2024)

“Biden has proposed increasing it to 39.6%, which was the top rate back in 2017. Starting in 2018, President Donald Trump signed into law the Tax Cuts and Jobs Act that made many cuts, including the 2.6% cut to the top ordinary income tax rate. Notably, though, the new 39.6% rate is only supposed to apply to taxpayers making $400,000 or more.”

Realtor.com –  “Soaring Insurance Costs Could Force House Prices To Fall” (04-29-24)

“In the past few years, insurance companies have been increasing homeowners’ premiums, dropping longtime customers, and exiting risky parts of the country entirely as climate risks and their potential losses grow due to disasters like flooding, wildfires, and hurricanes.”

HousingWire – “The HELOC dam is opening. Are you ready?” (04-29-2023)

“U.S. homeowners today are armed with a record amount of home equity nearly $32 trillion, according to the latest data from the St. Louis Federal Reserve.”

Redfin – “U.S. homeowners today are armed with a record amount of home equity nearly $32 trillion, according to the latest data from the St. Louis Federal Reserve.” (04-17-2023)

“Nationwide, one-third of homeowners who lost insurance have moved or plan to move, but nearly the same share are staying in their home with little or no coverage.”