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Here we are less than 30 days away from historic change in the real estate industry and it seems like the only people who are ready are those in the mortgage industry. While FNMA, FHLMC, HUD, and the VA have all weighed in on how to address the changes in real estate commissions and how they are to be handled on the mortgage side, I am still waiting to see and hear about how the actual real estate side of things are going to be handled and how all the questions around these changes are answered. While I have many questions yet to be answered, here are the SEVEN I would like addressed so we can all move forward together:

1. What does the new listing agreement look like and what states and real estate boards have approved it?

2. Has anyone seen a copy of the buyer and agent agreement yet and what states and real estate boards have approved it?

3. How long are these new buyer agreements good for?

4. Can these agreements be voided?

5. Can a client and an agent have more than one agreement or can there be multiple agreements with the same or multiple agents?

6. What happens to current listing agreements? Are they voided, grandfathered, or how are they to be handled?

7. Has anyone seen any official paperwork from any MLS or state regarding the actual forms to be used and signed for new listings, old listings, or buyer agreements?

I have talked to many people both locally here in Florida, as well as my connections around the country, and yet, nothing. So how are we going to get this all done by the August deadline? Is there really an August deadline? Are we going to see the “can” get kicked down the road? With less than 30 days to go, I wonder how it will all come together? Any feedback would be appreciated!

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Posted On Monday, 22 July 2024 00:00 Written by
Posted On Friday, 19 July 2024 13:04
Posted On Friday, 19 July 2024 11:30
Posted On Friday, 19 July 2024 10:34 Written by
Posted On Friday, 19 July 2024 09:59

Freddie Mac (OTCQB: FMCC) released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.77 percent.

"The 30-year fixed-rate mortgage fell to its lowest level since mid-March, dropping 12 basis points from last week,” said Sam Khater, Freddie Mac’s Chief Economist. “Mortgage rates are headed in the right direction and the economy remains resilient, two positive incremental signs for the housing market. However, homebuyers have yet to respond to lower rates, as purchase application demand is still roughly 5 percent below Spring, when rates were approximately the same. This is not uncommon: sometimes as rates decline, demand weakens, and the apparent paradox is driven by buyers making sure rates don’t decline further before they decide to purchase.”

News Facts

  • The 30-year FRM averaged 6.77 percent as of July 18, 2024, down from last week when it averaged 6.89 percent. A year ago at this time, the 30-year FRM averaged 6.78 percent.
  • The 15-year FRM averaged 6.05 percent, down from last week when it averaged 6.17 percent. A year ago at this time, the 15-year FRM averaged 6.06 percent.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website 

Posted On Friday, 19 July 2024 06:22 Written by
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