Real Estate News 11/11/2024

Today’s News Synopsis:

Rates are inching down slightly after shooting up before the election—volatility that’s to be expected as investors try to figure out the impact of a Trump presidency. Rates will likely remain elevated if President Trump moves forward with the higher tariffs and tax cuts he has discussed.

In The News:

Realtor.com – “Expect Mortgage Rates to Remain Elevated and Volatile as as Markets Digest Election Results“ (11-08-2024)

“Mortgage rates shot up in the weeks leading up to the U.S. presidential election, but are now falling slightly. The average interest rate on a 30-year-fixed mortgage currently sits at 6.92%, down from its recent peak of 7.13% on November 6. ”

HousingWire – “Appraisers say it’s business as usual despite the NAR settlement changes“ (11-05-24)

“The removal of offers of buyer broker compensation from most MLSs across the country — as mandated by the National Association of Realtors’ (NAR) commission lawsuit settlement agreement — was a massive change for real estate agents and brokers. But they aren’t the only housing professionals impacted by these changes.”

CNBC –  “Mortgage rates surge higher on Trump victory, causing housing stocks to fall” (11-06-2024)

“The average rate on the 30-year fixed mortgage surged 9 basis points Wednesday to 7.13%, according to Mortgage News Daily.”

MPA Mag –  “FICO credit score price hike: What does it mean for the mortgage industry?” (11-11-24)

“The age of a typical homebuyer jumped to an all-time high of 56 in the US, with many young people locked out of the housing market while older owners tap their accumulated home equity for cash purchases or to make large down payments, according to a report.”

CNBC –  “IRS announces 401(k) catch-up contributions for 2025” (11-05-24)

“In 2025, the 401(k) catch-up contribution limit will remain $7,500 in 2024”