Real Estate News 11/18/2024

Today’s News Synopsis:

Ongoing economic growth, a solid job market, and inflation that remains above the 2% target means the U.S. central bank does not need to rush to lower interest rates and can deliberate carefully, Federal Reserve Chair Jerome Powell said on Thursday.

In The News:

Reuters- “Powell says no need for Fed to rush rate cuts given strong economy“ (11-15-2024)

“In remarks that align with a developing expectation in financial markets for fewer rate cuts next year than previously forecast by Fed officials, Powell affirmed that he and his fellow policymakers still consider inflation to be “on a sustainable path to 2%” that will allow the U.S. central bank to move monetary policy “over time to a more neutral setting.””

Redfin– “Existing Home Sales Post Biggest Increase in Nearly Three Years“ (11-15-24)

“Existing home sales rose 1.6% month over month in October—the biggest gain since January 2022—to a seasonally adjusted annual rate of 4,179,346. They climbed 1.7% year over year, the first annual increase since November 2021.”

uDirect IRA –  “IRA vs. Annuity: What’s the Real Deal?” (11-18-2024)

“Retirement planning is like piecing together a complex puzzle—you want the big picture to make sense and work for you. You’ve probably been caught between earning for today and saving for tomorrow. Among the tools at your disposal are Individual Retirement Accounts (IRAs) and annuities. Both offer tax perks, but they’re very different animals. Let’s break it down so you can decide what fits your lifestyle and financial goals..”

Mortgage Point –  “Fannie Mae and Freddie Mac Further Support for Renters” (11-18-24)

“The Federal Housing Finance Agency (FHFA) has announced greater rental housing support from Fannie Mae and Freddie Mac (the GSEs) by raising the multifamily loan purchase cap for each GSE to $73 billion, representing $146 billion in total 2025 multifamily market support and a more than 4% increase from 2024.”

MPA Mag-  “MBA “remains very concerned” about FHA’s mortgage insurance premiums” (11-18-24)

“The Mortgage Bankers Association (MBA) has expressed concern that current mortgage insurance premiums (MIP) may be higher than necessary, limiting affordability for qualified borrowers.”