Real Estate News 08/07/2024

Today’s News Synopsis:

Daily average mortgage rates hit a 14-month low of 6.34% on Monday, giving buyers thousands of dollars in buying power.

In The News:

Redfin – “Mortgage Rates Just Hit a 14-Month Low: Is Now a Good Time to Buy a House?“ (08-05-24)

“On Monday, August 5th, daily average 30-year fixed mortgage rates plunged to 6.34%, their lowest level since April 2023. Other loan products fell to the high-5% to mid-6% range.”

Forbes –  “What To Expect From The Next CPI Inflation Report” (08-01-2024)

“July’s Consumer Price Index inflation report is expected to continue the pattern of disinflation seen in recent months. Current expectations for a September rate cut are relatively high, so it is unlikely that anything but the most alarmingly high CPI inflation data would prompt the Federal Open Market Committee to avoid a broadly anticipated interest rate cut at their next scheduled meeting on September 18.”

Yahoo Finance –  “Wall Street raises pressure on Fed to take more aggressive rate action” (08-05-24)

“The pressure on the Federal Reserve to cut rates is rising in the wake of heavy selling on Wall Street and a disappointing jobs report that’s stoked recession fears.”

CNBC – “Markets are counting on the Fed to head off recession with sizable interest rate cuts” (08-04-2023)

“In the market’s eyes, the Fed finds itself either poised to head off recession or doomed to repeat the mistakes of its recent past..”

Reuters – “US household debt levels edge up in Q2, NY Fed survey shows” (08-05-2024)

“Total U.S. household debt levels edged up in the second quarter but overall delinquency rates stabilized, indicating that borrowers are still in decent enough shape to support the economy, a report from the Federal Reserve Bank of New York said on Tuesday.”