Real Estate News 05/13/2024

Today’s News Synopsis:

According to Freddie Mac, the average 30-year fixed mortgage rate is holding steady above 7%. When interest rates are high, some borrowers may choose to pay down the interest portion of their monthly payments, but that also comes with risks.

In The News:

Yahoo Finance – “What high interest rates mean for paying down your mortgage“ (05-13-24)

“When interest rates are high, some borrowers may choose to pay down the interest portion of their monthly payments, but that also comes with risks.”

CBS News –  “What will happen to home prices if inflation stays high? Here’s what some experts think” (05-13-2024)

“The unemployment rate remains low at 3.9%, according to the Bureau of Labor Statistics. On the flip side, inflation is at 3.50% — 1.50% higher than the Federal Reserve’s target rate. Rates for car loans and mortgages are much higher than they were a few years ago, too.”

NAR –  “Is a Reverse Mortgage Smart?” (05-03-24)

“Qualified older Americans may be able to use a reverse mortgage not just to stay in their current home but also to buy a new home.”

Redfin – “Demand For Vacation-Home Mortgages Fell 40% in 2023 As Housing Costs Rose to Record High” (05-13-2023)

“Demand for second-home mortgages fell twice as fast as mortgage demand for primary homes, as housing costs rose to new heights.”

CNBC-  “Inflation outlook rises, fueled by expected increases for housing costs, New York Fed survey shows” (05-13-24)

“The inflation outlook increased across the one- and five-year horizons as respondents expressed little confidence the Fed will reach its 2% goal soon, a New York Federal Reserve survey showed.”