Real Estate News 11/15/2023

Today’s News Synopsis:

Inflation has been one of the biggest stories of the past two years. Prices have been high, and the inflation rate peaked in June 2022 at 9.1% year-over-year, leaving many families with significantly less purchasing power — despite having the same income.

In The News:

CBS – “What the inflation news means for your mortgages“ (11-14-2023)

“Mortgage rates are impacted by a range of factors, so it is hard to predict exactly how today’s news will impact rates. That said, there are some likely outcomes that are worth preparing for.”

NAR –  “NAR Finds Typical Home Buyer’s Annual Household Income Climb” (11-13-2023)

“First-time buyers made up 32% of all home buyers, up from last year’s historic low of 26%, but still below the average of 38% since 1981.”

CNBC  –  “Cooler monthly inflation report pushes mortgage rates even lower” (11-14-2023)

“The average rate on the 30-year mortgage fell 18 basis points to 7.40% on Tuesday, according to Mortgage News Daily, as Wall Street lowered its expectations for future Federal Reserve hikes.””

Yahoo Finance –  “Housing costs should show ‘more disinflationary pressure’ going forward, expert says” (11-15-2023)

“While housing costs were once again the biggest contributor behind October’s inflation, they posted a substantial slowdown on a yearly basis. ”

Kiplinger –  “Estate Tax Exemption Amount Increases for 2024” (11-15-2023)

“The federal estate tax exemption amount is going up again for 2024. A higher exemption means more estates may be exempt from the federal tax, which can save heirs from a hefty tax bill. The amount is inflation-adjusted by the IRS each year. ”