Real Estate News 10/11/2024

Today’s News Synopsis:

Chula Vista homeowners for now will remain limited to just one accessory dwelling unit after city leaders rejected a proposal that would have expanded housing options on single-family properties.

In The News:

iNewsource – Chula Vista rejects more ADUs for single-family homes — for now”“ (10-08-2024)

“Council members shot down the proposed policy change in a 4-1 decision last month that includes directing staff to conduct more research. The vote came after the Chula Vista Planning Commission also opposed the proposal.”

Redfin– “Mortgage Rates Won’t Budge Much After Warmer-Than-Expected CPI Report“ (10-10-24)

“A tad warmer-than-expected September inflation report will keep mortgage rates at the levels they’ve risen to since last Friday’s blowout jobs report. With the Fed laser-focused on the job market, today’s report allows the Fed to cut rates by another 25 bps at their November 7 meeting, barring another surprising jobs report on November 1.”

Go Banking Rates –  “2024’s Top States for Highest Rent Per Square Foot — Is Your State on the List?” (10-10-2024)

“Renting costs money — in some places more than others. A recent study from Perfect Rug, which compiled open reports by Zillow, World Population Review and American Home Shield found that there are 10 states in the U.S. where rents are through the roof according to square footage. ”

CNBC –  “Fed officials were divided on whether to cut rates by half a point in September, minutes show” (10-09-24)

“Federal Reserve officials at their September meeting agreed to cut interest rates but were unsure how aggressive to get.”

Zillow –  “$6.2 Billion in Potential Refinancing Savings Vanished as Mortgage Rates Climbed Back to 6.6%” (10-09-24)

“Recent fluctuations in mortgage rates are causing potential monthly payments to shift quickly for home buyers. This volatility also impacts households who purchased homes previously, changing the math on whether refinancing could help lower their monthly payments.”