Real Estate News 07/12/2024

Today’s News Synopsis:

Mortgage rates fell this week, with the average rate for a 30-year fixed home loan going from 6.95% last week to 6.89% for the week ending July 11, according to Freddie Mac.

In The News:

Realtor.com– “Mortgage Rates Dip to 6.89% as Home Prices Finally Take a Plunge“ (07-11-24)

““Following June’s jobs report, which showed a cooling labor market, the 10-year Treasury yield decreased this week, and mortgage rates followed suit,” Sam Khater, Freddie Mac’s chief economist, said in a statement.”

NAHB –  “FHFA Announces 3 New Tenant Protection Policy Changes“ (07-12-2024)

“The Federal Housing Finance Agency (FHFA) today announced three policy changes effective for all new multifamily mortgage loan applications signed on or after Feb. 28, 2025.”

Redfin-  “Rent Prices Are Dropping Across Florida’s Most Populous Metros” (07-10-24)

“The median apartment asking rent in America rose 0.7% year over year in June to $1,654. That’s the biggest gain in over a year and the highest median price since October 2022.”

NY Post – “San Francisco office vacancies hit all-time high — despite Silicon Valley AI boom” (07-09-2023)

“More than one in three offices in San Francisco are vacant despite an artificial intelligence boom that has boosted the stocks of major tech giants based in Silicon Valley, according to a report.”

NY Post – “Homebuyers face double whammy in mortgage rates, low inventory” (07-06-2023)

“Mortgage rates have increased for the first time since the week of May 30, sparking concerns in the housing market. ”