Real Estate News 06/14/2024

Today’s News Synopsis:

The average weekly rate on the 30-year fixed mortgage dipped slightly to 6.95% from 6.99% a week prior, according to Freddie Mac on Thursday.

In The News:

Yahoo Finance – “Mortgage rates dip below 7%, but meaningful declines are still months away“ (06-14-24)

“The average rate on a 30-year loan declined to 6.95% this week, according to Freddie Mac.”

Bloomberg –  “Powell Says Fed Viewed Upbeat CPI Data as ‘Progress’“ (06-13-2024)

“Fed dials back rate forecasts, signals just one cut in 2024. Policymakers holds key rate in unanimous decision. Powell says labor market is back to pre-pandemic conditions”

NAR –  “May 2024 Commercial Real Estate Market Insights” (06-14-24)

“The commercial real estate (CRE) market entered the second quarter of the year with persistently rising vacancy rates and slowing rent growth across most market sectors. Specifically, the office vacancy rate reached new record highs, approaching nearly 14%, while fundamentals in retail and industrial sectors decelerated. ”

Fortune – “Biden Administration advances plan to remove medical debt from credit scores” (06-13-2023)

“Americans would no longer have to worry about medical debts dragging down their credit scores under federal regulations proposed Tuesday by the Consumer Financial Protection Bureau.”

Yahoo Finance – “Consumer expectations for stocks hit 3-year high in May” (06-11-2023)

“The latest survey of consumer expectations from the Federal Reserve Bank of New York showed the mean perceived probability that stocks will be higher in the next 12 months rose to 40.5% in May, up from 38.7% in April.”