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Posted On Thursday, 21 March 2024 00:00 Written by

-- Freddie Mac  today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.74 percent.

“The 30-year fixed-rate mortgage decreased again this week, with declines totaling almost a quarter of a percent in two weeks’ time,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky inflation. In this environment, there is a good possibility that rates will stay higher for a longer period of time.”

News Facts

  • The 30-year FRM averaged 6.74 percent as of March 14, 2024, down from last week when it averaged 6.88 percent. A year ago at this time, the 30-year FRM averaged 6.60 percent.
  • The 15-year FRM averaged 6.16 percent, down from last week when it averaged 6.22 percent. A year ago at this time, the 15-year FRM averaged 5.90 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, 15 March 2024 10:24 Written by

It cannot be disputed that your cash cow may have brought your organization success in the realm of profit for years. But does that mean it will be the best business strategy to stick with throughout 2024? Truthfully, the answer here has always been “yes and no” because the reality is not rooted in Either/Or — It is Both/And world!

As new companies emerge and your well-established competition pursue new innovations, they are bound to bring new solutions to the table. You cannot afford to try to push the same old product or service alone when both your competition and the world is transforming around you!

If you have become one of those business owners who say to yourself, “I can either rely on what has worked in the past and count on it to continue to perform or I can abandon that success to pursue something completely new”, this is where your thought process changes.

The beauty of business is that many things can exist in complete unity, both to the benefit of your organization! The Both/And Principle allows you to better see the benefits of both situations and allows you to choose to pursue both in critically thought out ways. I want to give you some actionable ways to utilize this bountiful strategy in the new year and experience the results you have been aiming for.

Afraid to Abandon Old Ideas? Reinventing Them is the Better Option

I find that when trying to implement the Both/And Principle, several business leaders struggle with compartmentalizing products or services. For them, choosing either the old or the new allows for a clean break from the past by simply pulling the plug on the old to become a new organization.

Conversely, those that avoid anything new for fear of losing their cash cow are often even harder to help harness the Both/And Principle. Moving into a new arena sounds like stress to them, and because the tried-and-true methods have worked for them for so long, the concept of integrating something new into their workflow seems overly complicated.

Wherever either of these behaviors stem from aside, one thing is for sure: Each of those types wants to progress in their industry without question, they just feel choosing between two ideas is the only option. But instead, I implore business leaders to try the concept of reinventing a product or service that is old and trusted.

In doing so, you are heeding the Both/And Principle and in a way, giving your customers a choice. “Here is our old product that you are used to, but if you would like, you can try the new, reinvented model that is more up-to-date on industry standards and evolving needs we know you have.” This is how you develop an Anticipatory approach is how you develop an Anticipatory approach to serving your industry — Opening new doors to show that your organization believes in the future!

An Either/Or Mindset Can Be Dangerous

Without having to tell you, I am sure that you understand that approaching business with an Either/Or Mindset can be downright detrimental to your longevity in your industry. This is more or less the case when you choose the old over the new.

Will a competitor replace your cash cow with an updated model? Absolutely — This is as much of a Hard Trend future certainty as the technology involved in said product or service evolving as well! But also consider the aspects behind legacy products, services, or systems. They may not be up-to-date on proper functionality, industry legalities, or customer safety and security.

For instance, an older version of a web application for customers may be user friendly, but by choosing to not implement a newer, fresher option solely because of trusting the old could ultimately cost you your business if said application were to be hacked. Sensitive customer data could be released, trust in your business broken, and soon the least of your worries would be how to sustain the status quo!

In this case, a Both/And Mindset prepares your organization for change that you will have to face, stopping any fully preventable disasters from happening and paving the way for a prosperous future.

Only You Have the Power to Prevent Limiting Yourself

Imagine having multiple roads and various speed limit highways to get from one end of the United States to the other, but only allowing yourself to take one route with several stops, delays, and rough roads that can damage your vehicle.

A silly thought, as we know there are multiple routes to expedite the process and even make it a more pleasant trip and have the ability to choose the best path forward.

In a nutshell, this is what limiting yourself to an Either/Or mindset is like. Willingly approaching business decisions with an Either/Or mindset is incredibly limiting, both to your organization’s ability to cement your place as a significant organization and in terms of profits. You are limiting yourself to just one path when the reality is there are several at your disposal.

Giving your customers multiple options and improving on older methods with newer technology and insights allows you to be a transformative organization, along with being an Anticipatory one. I will read eBooks on a Kindle when I am traveling or during a commute via public transportation, but I personally love the weight and the feel of a paperback or hardcover book in my hands, as do so many others. If any bookstore today chose to just sell eBooks and completely rid their catalog of printed books, imagine the loss they would experience!

Think of your own organization and analyze the choices you have to make in this new year. It is not “out with the old, in with the new”, it is “redefine the old, reinvent with the new!” Take new roads, unlock new doors, and open the possibility for 2024 to be the year of profound growth for you and your organization.

Posted On Tuesday, 19 March 2024 00:00 Written by

Are we there yet? No, not just yet!

For months now we have seen social media and the “experts” share their thoughts on why rates would be going down significantly. This has caused many in our industry to predict lower rates and talk about 5%, even 4% or lower rates to come. The issue with that is that while lower rates may be in the future, many have hung their hats on this and are now suffering the fact that mortgage rates have yet to make that move as they had expected. While rates are certainly lower than they were last fall, far too may people are thinking about rates that are still far below where we can actually deliver today, and this is causing some people to miss out on opportunities to have bought a home and locked in a PRICE, while maintaining the ability to refinance later if rates do go lower and lower their PAYMENT!

The real issue is, while people have been putting off buying a house until the rates go lower, they have watched the cost of the homes they want to purchase increase by thousands, or even tens of thousands of dollars! Even with a lower rate, it may still cause a higher monthly payment because people will be forced to borrow more money because they waited for a lower rate. Buy when you want to buy, not when rates are low. When rates go lower, you will see more competition for houses, which can lead to further higher prices, meaning you have to borrow even more money…

When you are ready to buy, buy. You have locked in your price and your payment. If rates go lower, you can always refinance. In fact, many companies are offering a low cost or no cost refinance for their existing customers so they can take advantage if rates go lower. If rates don’t go lower, you have your home at a good price and with payments you are already comfortable with; and if rates go higher, you have secured your home and your payments!

The markets are digesting a less than favorable CPI report and we are facing initial jobless/continuing claims and the PPI numbers this morning, could be a market moving event so be watching. Questions or comments: This email address is being protected from spambots. You need JavaScript enabled to view it.

Posted On Monday, 18 March 2024 00:00 Written by
Posted On Thursday, 14 March 2024 13:14
Posted On Thursday, 14 March 2024 13:08
Posted On Thursday, 14 March 2024 11:30

New listings rose 13% from a year earlier, their biggest increase in nearly three years, but home prices and mortgage rates remain elevated

The median U.S. monthly housing payment was $2,686 during the four weeks ending March 10, just $30 shy of last October’s all-time high, according to a new report from Redfin (, the technology-powered real estate brokerage. That’s due to a combination of still-high mortgage rates and rising prices.

While mortgage rates came down slightly this past week after increasing for four straight weeks, they’re still near 7%, and sale prices are up 5% year over year nationwide. On a local level, prices increased in all 50 of the most populous U.S. metros, the first time that has happened since July 2022.

High housing costs are still pricing out some would-be homebuyers, with pending sales down 6% from a year earlier. But more house hunters are wading into the market; mortgage-purchase applications rose for the second week in a row. That’s partly because supply is steadily improving, giving buyers who can afford elevated prices and rates more homes to choose from. New listings are up 13%, the biggest annual increase in nearly three years, and the total number of homes for sale is up 3%, the biggest increase in nine months.

“Mortgage rates are likely to stay high a little longer than expected, with the latest inflation report essentially eliminating any chance of the Fed cutting interest rates before June,” said Redfin Economic Research Lead Chen Zhao. “Buyers who can afford to may want to get serious about their home search now, as housing costs are unlikely to fall anytime soon. The uptick in listings should be another motivator for buyers: There’s more to choose from, and improving inventory may bring out more competition from other buyers as we get further into spring. Some buyers have already gotten the memo, with mortgage applications finally increasing after weeks of declines.”

For more on Redfin economists’ takes on the housing market, including how current financial events are impacting mortgage rates, please visit our “From Our Economists” page.

Leading indicators

Indicators of homebuying demand and activity


Value (if applicable)

Recent change

Year-over-year change


Daily average 30-year fixed mortgage rate

6.94% (March 13)

Down from 6.97% a week earlier

Up from 6.75%

Mortgage News Daily

Weekly average 30-year fixed mortgage rate

6.88% (week ending March 7)

Down from 6.94% a week earlier; first decline after 4 weeks of increases

Up from 6.73%

Freddie Mac

Mortgage-purchase applications (seasonally adjusted)


Up 5% from a week earlier (as of week ending March 8); 2nd straight week of increases

Down 11%

Mortgage Bankers Association

Redfin Homebuyer Demand Index (seasonally adjusted)


Up 5% from a month earlier (as of week ending March 10)

Down 10%

Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents

Google searches for “home for sale”


Down 4% from a month earlier (as of March 9)

Down 19%

Google Trends

Touring activity


Up 29% from the start of the year (as of March 10)

At this time last year, it was up 20% from the start of 2023

ShowingTime, a home touring technology company

Key housing-market data

U.S. highlights: Four weeks ending March 10, 2024

Redfin’s national metrics include data from 400+ U.S. metro areas, and is based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.


Four weeks ending March 10, 2024

Year-over-year change


Median sale price




Median asking price




Median monthly mortgage payment

$2,686 at a 6.88% mortgage rate


Just $30 shy of all-time high set in October 2023

Pending sales




New listings



Biggest increase since June 2021

Active listings



Biggest increase since May 2023

Months of supply

3.5 months

+0.4 pts.

4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions

Share of homes off market in two weeks


Up from 38%


Median days on market


-2 days


Share of homes sold above list price


Up from 24%


Share of homes with a price drop


+1.5 pts.


Average sale-to-list price ratio


+0.3 pts.


Metro-level highlights: Four weeks ending March 10, 2024

Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.


Metros with biggest year-over-year increases

Metros with biggest year-over-year decreases


Median sale price

San Jose, CA (16.3%)

Newark, NJ (15.1%)

Boston (14.9%)

West Palm Beach, FL (14.8%)

Fort Lauderdale, FL (13.8%)


Increased in all metros

Pending sales

Milwaukee (11.5%)

San Francisco (9%)

Cincinnati (8%)

Minneapolis (7.5%)

San Jose, CA (5.8%)

San Antonio, TX (-25.8%)

New York (-15%)

Atlanta (-14.8%)

Houston (-13.9%)

New Brunswick, NJ (-13.8%)

Increased in 12 metros

New listings

San Jose, CA (30.4%)

Phoenix (29.9%)

Las Vegas (27.4%)

Minneapolis (26%)

Jacksonville, FL (24.9%)

New York (-18.4%)

Atlanta (-5.8%)

Newark, NJ (-3.9%)

Chicago (-0.7%)

Virginia Beach, VA (-0.4%)

Philadelphia (-0.2%)

Declined in 6 metros

To view the full report, including charts, please visit:

Posted On Thursday, 14 March 2024 06:43 Written by
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