Real Estate News 07/19/2024

Today’s News Synopsis:

Powell referenced the idea that central bank policy works with “long and variable lags” to explain why the Fed wouldn’t wait for its target to be hit.

In The News:

CNBC – “Powell indicates Fed won’t wait until inflation is down to 2% before cutting rates“ (07-15-24)

“The central bank is looking for “greater confidence” that inflation will return to the 2% level, Powell said.”

Redfin –  “Today’s Cooler-Than-Expected Inflation Report Will Push Down Mortgage Rates” (07-11-2024)

“June’s CPI report is good news for the housing market, as it means the Fed is very likely to cut interest rates at their September meeting, the anticipation of which should push down mortgage rates immediately. ”

Realtor.com –  “Inflation Drops Again in June, Clearing the Path to a Fed Rate Cut This Fall—and Relief for Homebuyers” (07-11-24)

“Annual inflation in the U.S. dropped to its lowest level in more than three years last month, increasing the odds of a September interest rate cut that would bring relief to mortgage markets.”

Bankrate – “Study: Typical single-family home costs over $18,000 per year in hidden expenses” (07-10-2023)

“The average annual cost of owning and maintaining a single-family home in the U.S. is more than $18,000 a year — 26 percent higher now compared to four years ago, according to a new Bankrate study.”

Yahoo Finance – “Consumers catch a break as inflation of everyday expenses continues to cool” (07-13-2023)

“The Consumer Price Index (CPI), a broad measure of the price of everyday goods, including groceries, gasoline, and rent, fell 0.1% in June over the previous month. Consumer prices were just 3% higher compared to a year ago — cooler than May’s data and lower than economist estimates.”