Today’s News Synopsis:
Why do we have a 30-year mortgage rate? Speaking of mortgage rates, mortgage rates decreased again, with 30-year rates now at 4.83% and 15-year rates at 4.23%. According to the National Association of Realtors, home prices in metro markets increased by 4.8% in the third quarter.
In The News:
“U.S. home prices have rebounded from the 2008 housing market crash, but demand is still low due to changes in living and buying habits of millennials, real estate mogul Sam Zell told CNBC on Wednesday.”
Zillow – “Families with Newborns Moved to Cheaper Housing Markets” (11-1-2018)
“Americans who moved in the past year tended to move into less-expensive housing markets, a trend that is magnified when looking at women with a newborn baby – and can mean a difference of more than $100,000 in some markets.”
Freddie Mac – “Mortgage Rates Fall Back” (11-1-2018)
“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS®), showing rates dropping slightly after last week’s increases.”
National Association of Realtors – “Metro Home Prices Rise 4.8 Percent in Third Quarter” (11-1-2018)
“Low inventory levels of moderately priced homes continue to stifle home sales and maintain the trend of increasing metro market prices according to the latest quarterly report (link is external) by the National Association of Realtors.”
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (11-1-2018)
“Mortgage applications decreased 2.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 26, 2018.”
HousingWire – “Rent just hit an all-time high…again” (11-1-2018)
“With more and more renters feeling the affordability crunch, there seemed to be some light on the horizon recently with the steady rise in rents appearing to finally slow down over the last few months.”
MarketPlace – “Why do we have a 30-year mortgage, anyway?” (11-1-2018)
“The average interest on a 30-year, fixed-rate mortgage rose just a hair this week, to 4.86 percent. That’s almost a full percentage point higher than this time last year, according to Freddie Mac.”
Robb Report – “Millennials and Boomers Are Changing the Real Estate Market” (11-1-2018)
“Despite moving into different life stages, the two generations converge on similar homes in defiance of generational stereotypes.”
Aaron Norris will be presenting Technology Trends and Effects On Real Estate 2018 at OCREIA on Thursday, November 8.
Aaron Norris will be speaking at the Intelligent Investors Real Estate Conference 2018 on Saturday, November 10.
Mortgage servicing was “ripe for disruption.” Freddie Mac reported their financial results for the third quarter of 2017 following a conference yesterday morning. Seattle was seeing growth in both home values and rents due to a strong labor market from companies such as Amazon, Microsoft, and Zillow.
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