Real Estate News 10/04/2024

Today’s News Synopsis:

California Gov. Gavin Newsom signed three bills changing renter protection practices in the state last month. The legislation includes new requirements for security deposit deductions and restrictions on certain fees.

In The News:

Multifamily Dive – “New California laws tighten renter protections“ (10-02-2023)

“The three bills are part of a larger package signed on Sept. 19, with legislation addressing homelessness, housing production, fee transparency and tribal housing. ”

Yahoo Finance – “Average mortgage rates tick up to 6.12%“ (10-04-24)

“The average 30-year fixed-rate mortgage increased to 6.12% as of Thursday, up from a two-year low of 6.08% a week earlier, according to Freddie Mac data. Fifteen-year mortgages averaged 5.25%, up from 5.16% in the same period a week ago.”

Refdin –  “September Was a Turning Point For Demand, With Pending Home Sales Flat After 9 Months of Declines and Tours Hitting Highest Level Since April” (10-03-2024)

“Pending home sales are flat from a year ago, marking the first time since January they haven’t declined; on a local level, sales are increasing in most major metros. Other demand indicators, like home tours and mortgage-rate locks, are also improving as mortgage rates drop to their lowest level in two years. ”

CBS News –  “Here’s how far mortgage rates could drop before the end of 2024” (09-23-24)

“The Federal Reserve’s 50-basis-point rate cut from September 18 has started to push mortgage interest rates down, bringing a glimmer of hope to potential buyers. With two more Fed meetings scheduled before the end of 2024, we could see rates continue to fall.”

HousingWire –  “Done deal: MLSs, brokerages get preliminary approval of opt-in settlements” (10-02-24)

“The brokerages and non-Realtor-owned MLSs that decided to opt in to the National Association of Realtors’ (NAR) commission lawsuit settlement agreement can breathe a sigh of relief.”