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Rates & Financing

> Mortgage Rates as of 11/13/2024

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Headlines & Insights

Featured Story

> Decline in Housing Affordability Pushes Homebuyers Toward Smaller Homes

According to a Freddie Mac Report, new data shows that worsening affordability is driving many homebuyers to settle for smaller homes as mortgage payments outpace rent costs on similar properties, especially in the South and Southwest.

Main takeaways:

• The median monthly mortgage payment for a home purchase is now around 32% higher than renting the same home, though it remains below the 2006 peak of 60%.

• Affordability declines are most pronounced in Southern and Southwestern metros, where population growth and demand for single-family homes have driven up prices and mortgage costs.

• In response to high costs, fewer buyers are seeking larger homes than their rentals, demonstrating a shift to smaller, more affordable options to cope with elevated mortgage rates and home prices.

More News and Reports

> Utah Buyers Use Creative Strategies to Secure Below 5% Mortgage Rates: Despite national rates peaking, a Zillow survey reveals that buyers in Utah are using innovative strategies to secure mortgage rates below 5%. Methods such as special seller financing, refinancing, and purchasing points are proving effective in overcoming the challenges of high rates and home prices.

> Fed Cuts Rates Again, but Mortgage Rates Continue to Rise Amid Economic Uncertainty: Despite a recent rate cut by the Federal Reserve, mortgage rates have continued their upward trend, hitting a four-month high. This counterintuitive movement in mortgage rates reflects broader bond market reactions to political shifts, including President-elect Donald Trump’s victory and expected Republican control of Congress. The long-term bonds, which typically influence mortgage rates, spiked with the anticipation of Trump's policies that could increase government deficits and possibly stoke inflation. Consequently, even as the Fed aims to alleviate economic strain with rate cuts, mortgage rates are predicted to remain volatile and elevated in the short term.

> Powell Navigates Political Waters Amid Trump's Return: As President-elect Donald Trump prepares to take office, Federal Reserve Chair Jerome Powell faces increasing pressure to discuss potential shifts in monetary policy. Despite Trump's past criticisms, Powell avoided political commentary in recent statements, emphasizing the Fed's focus on economic stability amid rising geopolitical tensions.

> East Coast and Midwest See Rent Increases Despite National Flatline: In October, while the U.S. median asking rent showed minimal change, increasing only 0.2% year-over-year to $1,619, East Coast and Midwest cities experienced significant rises. Virginia Beach led with an 11.7% increase. In contrast, Sun Belt metros like Raleigh and Jacksonville saw notable declines due to an oversupply from recent construction booms.

> Yields Surge as Market Reacts to Trump's Election Victory and Upcoming Economic Data: U.S. Treasury yields saw a significant increase on Tuesday, with the 10-year yield climbing over 11 basis points to 4.426%, reflecting market reactions to President-elect Donald Trump's victory. Investors are also keenly awaiting key inflation data, eyeing its potential impact on future interest rate decisions.

> Expect Mortgage Rates to Remain High Amid Policy Uncertainty After Election: After surging in anticipation of the U.S. election results, mortgage rates have begun to decrease slightly. However, they are expected to stay elevated due to impending policy changes under President Trump. Traders are especially focused on Trump's proposed higher tariffs and tax cuts, which could sustain higher inflation and thus, keep mortgage rates high.

> Trump's Deportation Plans: Potential Impact on Home Prices and Construction Costs: President-elect Donald Trump's pledge to conduct "the largest deportation operation in American history" could significantly impact the U.S. housing market, particularly in the construction sector. Trump attributes high housing costs to illegal immigration, promising that deportations will lower home prices. However, experts warn that removing undocumented workers could increase labor costs and make new homes more expensive, countering Trump's anticipated price drops.

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