Real Estate News 01/03/2025

Today’s News Synopsis:

In The News:

CBS News – “Where are interest rates on mortgages, CDs and credit cards heading in 2025?“ (01-03-25)

“Americans started to see some financial relief in 2024 as cooling inflation led the Federal Reserve to cut interest rates three times after jacking up borrowing costs to their highest level in 23 years in a bid to hose down red-hot prices.”

Redfin- “New Listings Rise 8%, Giving the New Year’s Buyers More Homes to Choose From“ (01-03-2025)

“Supply increased from a year earlier to close out 2024, while pending home sales posted a small decline as mortgage rates remained near 7%.”

Realtor.com –  “California Will Force Insurers To Cover Fire-Prone Areas—but More Costs Will Be Piled Onto Homeowners“(01-02-25)

“California will soon force insurance companies that stopped providing coverage over growing wildfire risks to start writing policies again if they want to continue doing business in the Golden State—but it’ll come at a cost for homeowners. ”

Yahoo Finance –  “Mortgage rates rise again, finishing the year at 6.85% — just about the way they started” (12-27-24)

“The average 30-year fixed-rate mortgage rate was 6.85% for the week through Wednesday, according to Freddie Mac data. That’s up from 6.72% a week earlier. ”

Bloomberg –  “Fannie, Freddie hit a 5-year high on plan for ‘eventual release’” (01-04-2025)

“(Bloomberg) — The agencies that control mortgage giants Fannie Mae and Freddie Mac set out a roadmap for releasing the pair from government supervision, sending the entities’ common stock to the highest levels since 2019.”