Real Estate News 9/27/2023

Today’s News Synopsis:

Multiple benchmark refinance rates have increased. Though refinance rates change daily, experts expect rates to continue to climb.

In The News:

CNET – “Current Refinance Rates: Sep 27, 2023” (9-27-2023)

“Both 15-year fixed and 30-year fixed refinances saw their average rates increase this week. The average rates for 10-year fixed refinances also saw growth.”

HousingWire – “US Housing market is now woth a record $52 trillion: Zillow” (9-27-2023)

“After experiencing a temporary hiccup between July 2022 to January 2023, the U.S. housing market is back on track, stronger than ever, with a total estimated value of $52 trillion, according to a new analysis by Orphe Divounguy, a senior economist at Zillow Group. ”

Yahoo Finance – “Mortgage rates top 7% for the sixth straight week-but could go higher” (9-22-2023)

“The 30-year average mortgage rate rose to 7.19% this week from 7.18% the week before, according to Freddie Mac. The increase comes after the Federal Reserve on Wednesday signaled its benchmark interest rate will remain higher for the near future.”

Bloomberg-“Florida Overtakes New York as Second-Biggest US Housing Market” (9-26-2023)

“Florida has overtaken New York to become the second most-valuable US housing market, according to a new study by Zillow.”

Yahoo Finance – “Student Loans: Payment pause may have helped boost borrowers’ credit scores” (9-27-2023)

“With student loan payments set to restart in October, borrowers will no longer have that extra cash flow to go to other debt obligations that helped to prop up their credit scores.”

CNBC – “Target says it will close nine stores in major cities, citing violence and theft” (9-26-2023)

“The company will close one store in New York City’s Harlem neighborhood, two locations in Seattle, three stores in the San Francisco-Oakland area and three more in Portland, Oregon. The discounter said it will shutter the stores for good on Oct. 21.”