Real Estate News 09/23/2024

Today’s News Synopsis:

This is the economic U-turn we’ve been waiting for. The Federal Reserve announced a massive half-point cut in short-term interest rates on Wednesday.

In The News:

Yahoo Finance – “The Fed rate cut: What it means for bank accounts, CDs, loans, and credit cards“ (09-19-2023)

“After inflation peaked at 9.1% in June 2022, the Fed worked to tame consumer prices with 11 interest rate hikes over the ensuing months. Then, rates remained unchanged beginning in August 2023.”

MPA Mag – “Mortgage trigger leads could be banned under new NDAA amendment“ (09-23-24)

“The National Association of Mortgage Brokers (NAMB) has announced that an amendment addressing the controversial use of mortgage “trigger leads” has been included in the National Defense Authorization Act (NDAA).”

Forbes –  “2 Major Student Loan Forgiveness Rulings For IDR, New Biden Plan Expected In Just Weeks” (09-20-2024)

“The Federal Reserve delivered its first interest rate cut in more than four years yesterday. It was a declaration of victory over once hot, hot, hot inflation. And mortgage rates responded by fluctuating in kind of a weird way. The average 30-year fixed weekly rate dropped from 6.2% to 6.09% and the daily rate rose from 6.15% to 6.17%.”

CNN –  “Mortgage rates drop to lowest since early February 2023 after Fed’s jumbo interest rate cut” (09-19-24)

“Mortgage rates continued to decline this week, taking a little more pressure off America’s tight housing market as the Federal Reserve ramps up its efforts to keep the economy on an even keel.”

Redfin –  “Housing Payments Post Biggest Decline in 4 Years Ahead of Fed’s Historic Rate Cut, Which Could Lure Buyers Off the Sidelines” (09-19-24)

“Monthly housing payments have declined nearly $300 from April’s all-time high. Improving affordability has yet to push up pending sales, but that could change after the Fed cut interest rates for the first time since 2020 this week.”