Real Estate News 09/13/2024

Today’s News Synopsis:

Falling mortgage rates have pushed the median U.S. housing payment down near its lowest level since January, but pending home sales have yet to improve. Many would-be buyers are hoping rates fall further, and others are waiting for clarity around the new NAR rules.

In The News:

Redfin – “Falling Mortgage Rates Mean Housing Payments Are Now More Affordable Than a Year Ago Despite Higher Prices“ (09-12-2023)

“The median U.S. monthly housing payment was $2,558 during the four weeks ending September 8, nearly down to where it was at the start of the year and down 1.3% from a year earlier. ”

HousingWire – “Refinance demand is up, but most borrowers lack incentive“ (09-11-24)

“Mortgage rates have declined for six straight weeks, pushing loan application volume up 1.4% during the week ending Sept. 6, according to the Mortgage Bankers Association (MBA).”

Yahoo Finance –  “Inflation: Consumer prices rise at slowest pace since early 2021” (09-11-2024)

“A closely watched report on US inflation showed consumer prices rose in August at the slowest pace in three years on an annual basis, according to the latest data from the Bureau of Labor Statistics released Wednesday morning.”

Bloomberg –  “Core U.S. inflation picks up, damping odds of bigger Federal Reserve cut” (09-11-24)

“Underlying U.S. inflation unexpectedly picked up in August on higher prices for housing and travel, undercutting the chances of an outsize U.S. Federal Reserve interest-rate cut next week.”