WRE News April 13, 2024
Seller
Mortgage rates inched higher to the dreaded 7% level, according to the latest Primary Mortgage Market Survey from Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.88% as of April 11, up from last week when it averaged 6.82%. A year ago at this time, it averaged 6.27%.
The 15-year fixed-rate mortgage averaged 6.16%, up from last week when it averaged 6.06%. A year ago at this time, it averaged 5.54%.
“Mortgage rates have been drifting higher for most of the year due to sustained inflation and the reevaluation of the Federal Reserve’s monetary policy path,” said Sam Khater, Freddie Mac’s chief economist. “While newly released inflation data from March continues to show a trend of very little movement, the financial market’s reaction paints a far different economic picture. Since inflation decelerated from 9% to 3% between June 2022 and June 2023, the annual growth rate of inflation has remained effectively flat, ranging from 3.1% to 3.7% and averaging 3.3%. The March estimate of 3.5% annual growth is in the middle of that range.”
“However,” Khater added, “the market’s reaction was dramatically different, as illustrated by a significant drop in the Dow Jones Industrial Average post-announcement. It’s clear that while the trend in inflation data has been close to flat for nearly a year, the narrative is much less clear and resembles the unrealized expectations of a recession from a year ago.”
Stay up to date on the latest real estate trends.
Buyer
June 19, 2025
There’s a misconception going around that you have to put 20% of the purchase price down when you buy a home.
Lifestyle
June 19, 2025
A well-planned, beautiful garden includes layers of color and texture, overflowing with annuals and perennials, flowering shrubs, and walkway border plants.
Buyer
June 18, 2025
Tiny home living isn’t for everyone, but there are endless benefits to embracing the limits of a small floor plan.
Lifestyle
June 18, 2025
Sleep is commonly elusive.
Seller
June 17, 2025
Selling your house without an agent as a “For Sale by Owner” (FSBO) may be something you’ve considered.
Buyer
June 17, 2025
Home inspections may seem like yet another barrier standing between you and your dream home, but skipping the step can have major consequences.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today