Real Estate News 05/24/2024

Today’s News Synopsis:

The average 30-year fixed mortgage rate fell below 7% for the first time since early April, hitting 6.94% from 7.02% a week prior, according to Freddie Mac. Rates declined for the third consecutive week but have hovered around 7% for more than a month.

In The News:

Yahoo Finance – “Mortgage rates dip below 7% for the first time in over a month“ (05-24-24)

“A separate measure tracking daily rate movement fluctuated between 7% and 7.20% over the last seven days, settling at 7.17% on Thursday, according to Mortgage News Daily.”

Redfin –  “U.S. Home Prices Continue Their Ascent, Even as High Costs Deter Homebuyers” (05-21-2024)

“Home prices grew 0.5% in April, the sixth consecutive month of similar increases. Elevated mortgage rates are curbing homebuyer demand, but prices continue to tick up because there aren’t enough homes for sale. ”

NAR –  “Existing-Home Sales Retreated 1.9% in April” (05-22-24)

“Existing-home sales faded 1.9% in April to a seasonally adjusted annual rate of 4.14 million. Sales also dipped 1.9% from one year ago.”

Forbes – “The House Bans The Fed From Building A CBDC Like The Digital Yuan” (05-23-2023)

“The House of Representatives has made a significant move by banning the Federal Reserve from creating the “digital dollar,” a central bank digital currency. This decision, proposed by the House Majority Whip, Rep. Tom Emmer, as the “CBDC Anti-Surveillance State Act,” is a crucial amendment to the Federal Reserve Act, which governs the US central banking system. ”