Real Estate News 12/08/2023

Today’s News Synopsis:

It’s no secret that home loan interest rates are at generational highs and reducing the purchasing power of first-time and repeat homebuyers as a result. While mortgage rates will hopefully decrease from recent highs over the next year, they’re unlikely to return to the all-time lows available just a few years ago.

In The News:

USA Today – “Mortgage rates forecast: Expected trends for 2024“ (12-06-2023)

“Fixed mortgage rates are likely to remain stubbornly high and remain near 20-year highs for homebuyers and borrowers wishing to refinance.”

CNBC –  “Biden administration to forgive $4.8 billion in student loan debt for 80,300 borrowers” (12-06-2023)

“The Biden administration announced on Wednesday that it would forgive an additional $4.8 billion in student loan debt, for 80,300 borrowers.”

Housing Wire  –  “Mortgage rates are (finally) back at 7%” (12-07-2023)

“Mortgage rates continued their downward trajectory this week as the 10-year Treasury yield dropped below 4.2% for the first time since September, according to new data from Freddie Mac.”

CNBC –  “Mortgage refinance demand jumps 14% as rates fall to lowest point since August” (12-06-2023)

“Applications to refinance a home loan Index increased 14% from the previous week and were 10% higher than the same week one year ago.”

Go Banking Rates –  “Typical Homebuyers Now Earn Six Figures: Here’s What That Means for You (12-05-2023)

“The National Association of Realtors (NAR) recently put out a report on the profile of homebuyers and sellers. According to the report, the median household income for buyers rose over the past year from $88,000 to $107,000. This is a 22% increase and the largest reported year-to-year change yet.”