Real Estate News 05/29/2024

Today’s News Synopsis:

U.S. Treasury yields advanced for another day on Wednesday, as investors considered the state of the economy and digested a poor auction on the five-year note.

In The News:

CNBC – “10-year Treasury yield tops 4.6% for the first time in nearly a month“ (05-29-24)

“The yield on the 10-year Treasury added almost 8 basis points to 4.618%, its highest level since near the start of May. The 2-year Treasury yield was last around 3 basis points higher at 4.983%.”

Fox Business –  “Home insurance rates have surged nearly 40% since 2019 – but they’re rising fastest in these states” (05-29-2024)

“Since 2019, home insurance rates in the U.S. have surged 37.8% to roughly $2,478 per year, according to new data published by LendingTree. That is noticeably faster than the overall 24% increase in the consumer price index recorded during that same time period.”

Zillow –  “Mortgage Rates Increase This Week On New Insights Into Fed Outlook” (05-22-24)

““Mortgage rates increased for the first time in May as the latest FOMC minutes caused investors to reassess their forecasts for inflation and the economic outlook,” said Orphe Divounguy, senior macroeconomist at Zillow Home Loans. “”

NAR – “The Dual Impact of Lower Mortgage Rates on Affordability and Availability of Homes” (05-23-2023)

“In the current report, Realtor.com®, in collaboration with the National Association of REALTORS®, quantifies the effect of expected lower mortgage rates.”

Yahoo Finance – “US consumers show the Fed its backward problem with high rates: Morning Brief” (05-29-2023)

“The main driver of this reading helps explain why other surveys show Americans feel dour about their economic prospects. And it reveals the backward problem facing the Federal Reserve’s interest rate policy.”