Real Estate News 10/04/2023

Today’s News Synopsis:

The average rate on the popular 30-year fixed mortgage rose to 7.72%, according to Mortgage News Daily. Mortgage rates follow loosely the yield on the 10-year Treasury, which has been climbing this week.

In The News:

CNBC– “Mortgage rate races toward 8% ” (10-03-2023)

“Mortgage rates follow loosely the yield on the 10-year Treasury, which has been climbing this week following strong economic data. Rates have not been this high since the end of 2000. ”

CBS News– “Homes “unaffordable” in 99% of nation for average American” (9-28-2023)

“The typical American cannot afford to buy a home in a growing number of communities across the nation, according to common lending standards.”

uDirect IRA– “Available Cash in your IRA” (10-03-2023)

“Now that you invested with your self-directed account, what’s your next step? Did you know that a lack of available cash in your Self-Directed account can expose you to potential pitfalls in maintaining your investment?”

Yahoo Finance – “Two Fed officials warns rates to remain high for some time” (10-04-2023)

“Atlanta Fed President Raphael Bostic said Tuesday that he’s comfortable with rates in the current range of 5.25%-5.5%, but believes rates should be held at current levels well into next year. ”

Altos Research– “Inventory Builds, Putting Pressure on Home Prices” (10-02-2023)

“The total number of unsold homes on the market will keep climbing probably for the rest of October on the same schedule as last year. This is an obvious indication of slower buyer demand in the face of dramatically higher interest rates. ”