MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 4/1/2024 – 4/8/2024

Did You Know?

* The 10-year treasury soared past 4.45%…..not great for mortgage interest rates……we shall have to watch this….. The strong economic data and much stronger than expected jobs numbers added to concerns from investors about whether resilience from the economy and labor market could mean interest rates will stay elevated for longer than anticipated. (CNBC)

* REX – the real estate brokerage company that offers ‘lower fees, better service, everything you need’ by bypassing the use of real estate agents (and fuel their corporate profits, perhaps?) – was the lead source of information to help define an entire profession in an article in the Wall Street Journal. Another example of how when some agents are unethical or abusive, they can damage and harm the reputation of an entire profession. When you don’t call out the bad behaviors of bad agents, we all pay the price.

Mortgage Rate Updates

The average rate on a 30-year fixed mortgage was 6.82% as of April 3rd, edging 3bps higher from the previous week, moving in a tight range despite the sharp increase in long-dated Treasury yields during the period. In the corresponding period of the previous year, the average rate on a 30-year fixed mortgage was 6.28%. “Mortgage rates showed little movement again this week, hovering around 6.8 percent,” said Sam Khater, Freddie Mac’s Chief Economist. “Since the start of 2024, the 30-year fixed-rate mortgage has not reached seven percent but has not dropped below 6.6 percent either. While incoming economic signals indicate lower rates of inflation, we do not expect rates will decrease meaningfully in the near-term. On the plus side, inventory is improving somewhat, which should help temper home price growth.”.

Source: Freddie Mac