Real Estate News 10/29/2024

Today’s News Synopsis:

Mortgage interest rates and home prices have challenged house hunters in the last few years — forcing many Americans to delay their plans to buy. But September brought a shift when the Federal Reserve cut rates for the first time in 2024. This helped push mortgage rates down for a short while, and more changes could be coming soon.

In The News:

CBS News – “What’s the mortgage interest rate forecast for November 2024?“ (10-28-2024)

“As the Fed prepares for its November meeting, buyers wonder if another rate cut will make their next home more affordable. Some have already jumped back into the market, while others are choosing to wait and watch.”

Redfin – “Homebuyers Lose $33,000 in Purchasing Power in 6 Weeks As Mortgage Rates Hit 7%“ (10-29-24)

“Daily average mortgage rates have increased by nearly a whole percentage point since mid-September, bruising homebuyers’ budgets. The jump in rates comes just one week before a presidential election in which housing affordability is a top issue for voters.”

HousingWire –  “FHFA to allow alternative appraisal methods on purchases up to 97% LTV ” (10-28-2024)

“The Federal Housing Finance Agency has expanded the eligibility for alternative appraisal methods on purchase loans by increasing the maximum loan-to-value (LTV) requirement. The announcement was made on Monday during the Mortgage Bankers Association (MBA) Annual Convention & Expo in Denver, Colorado.”

Forbes –  “2024’s Most Expensive Counties In The U.S., Per Zillow Data“ (10-24-24)

“Discover what the 50 most expensive counties in the U.S. are, based on data from Zillow as well as the Census Bureau.”

Realtor.com –  “Down Payments Are Dropping From Historic Highs—See How Much Homebuyers Can Save Today” (10-22-24)

“A new report by Realtor.com® shows that the median down payment homebuyers plunked down from July to September of 2024 was an average of 14.5%—or $30,300.”