Today's Headlines - Realty Times

As mortgage professionals, we must deal with many things in our day-to-day business. Some of these things are controllable, some are not. One of the issues that we all have to deal with is market volatility. When the market moves, it can create a great deal of stress for us, our team, our referral partners, and of course, our clients. Interest rates can be a very emotional subject. People hate paying more, but also, fear things they don’t understand. So here are a few things we can look at to help ourselves, as well as our clients and referral partners, be aware of that may cause movement in the rate markets.

•  FED Meetings – ten times a year and they set the market for short term bank rates. They don’t have to raise or lower rates to impact the market, it can just be what they say they intend to do!

•  CPI – Consumer Price Index. Tracks inflation on typical consumer items. Inflation goes higher, rates go higher! Inflation goes lower, rates tend to follow! Once a month tracking the prior month.

•  PPI – Producer Price Index. Same as CPI but tracks costs at the wholesale level. Not as important as CPI because producer prices don’t always increase prices to the consumer.

•  Initial and Continuing Jobless Claims – Every Thursday (except holidays) we see these numbers. Higher claims mean the economy is getting worse, could push rates lower. Lower claims show the economy getting stronger and may push rates higher.

•  World Events – Stuff happens! War, Weather, political changes, or shifts in policy can often impact rates here in the US.

•  Lending Guidelines, Products, and Programs. At any point, the rules by which mortgage lending is regulated can change. From the federal level, down to state and local regulations. Sometimes without much warning, the rules can change, and rates will follow.

This isn’t everything that can move the markets, but just the ones I track on a regular basis and suggest for my clients to stay aware of. You can’t just trust the internet or social media posts to explain to you what is happening and why; it’s important that you know! If you have questions or comments, please let me know: This email address is being protected from spambots. You need JavaScript enabled to view it.

Posted On Monday, 04 March 2024 00:00 Written by
Posted On Monday, 26 February 2024 11:47
Posted On Monday, 26 February 2024 11:11
Posted On Monday, 26 February 2024 10:34
Posted On Monday, 26 February 2024 07:57 Written by
Posted On Friday, 23 February 2024 11:21
Posted On Friday, 23 February 2024 10:39
Posted On Friday, 23 February 2024 10:27

Home prices rose 0.5% month over month in January, on par with December’s gain, as the drop in mortgage rates at the end of last year gave buyers a bit more purchasing power

U.S. home prices climbed 0.5% from a month earlier in January, matching the 0.5% gain seen in both December and November, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. On a year-over-year basis, prices rose 6.7%—the largest increase in a year.

This is according to the January Redfin Home Price Index (RHPI), covering the three months ending Jan. 31, 2024. Read the full RHPI methodology here.

“Price growth held steady last month because many of the home purchases that closed in January were negotiated at the end of last year, when mortgage rates posted the biggest drop since 2008. The decline in rates gave buyers more purchasing power, and for some, a sense of urgency to lock in a mortgage,” said Redfin Senior Economist Sheharyar Bokhari. “Prices also climbed because there’s still a shortage of homes for sale, which is fueling competition in some areas.”

New listings fell 1.2% month over month on a seasonally adjusted basis in January, the first drop since June, and remained far below pre-pandemic levels—contributing to the increase in prices. Listings are declining largely because many homeowners are hesitant to give up their rock-bottom mortgage rates; a majority of homeowners still have rates below current levels.

Prices Climbed Most in Montgomery County, Fell Fastest in Charlotte

In Montgomery County, PA, home prices rose 3.7% from a month earlier in January—the biggest increase among the 50 most populous U.S. metropolitan areas. Next came Philadelphia (1.9%), Baltimore (1.9%), Cleveland (1.7%) and New York (1.6%).

Thirteen metros saw price declines. In Charlotte, NC, home prices dropped 0.7% month over month—the largest decrease among the 50 most populous metros. It was followed by San Francisco (-0.6%), Austin, TX (-0.6%), San Diego (-0.5%) and Sacramento, CA (-0.4%).

To view the full report, including charts, please visit:
https://www.redfin.com/news/redfin-home-price-index-january-2024

Posted On Friday, 23 February 2024 07:40 Written by
Page 11 of 1784

Agent Resource

Limited time offer - 50% off - click here

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.