✅Mid-Week News Updates, June 26, 2024


Mid-Week News Updates, June 26, 2024

➡️𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲𝘀 𝗖𝗼𝗻𝘁𝗶𝗻𝘂𝗲 𝘁𝗼 𝗕𝗼𝗯 𝗕𝗲𝗹𝗼𝘄 𝟳%
Rates on 30-year mortgages have been in a mild yo-yo pattern in the upper-6% range since early June. Rising 3 basis points Monday, the 30-year average is at 6.87%. Rates for most other mortgage types also saw minimal movement to start the week.
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➡️𝗙𝗲𝗱’𝘀 𝗕𝗼𝘄𝗺𝗮𝗻: 𝗶𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 𝘄𝗶𝗹𝗹 𝗱𝗲𝗰𝗹𝗶𝗻𝗲 𝘄𝗶𝘁𝗵 𝗽𝗼𝗹𝗶𝗰𝘆 𝗿𝗮𝘁𝗲 𝗵𝗲𝗹𝗱 𝘀𝘁𝗲𝗮𝗱𝘆
U.S. Federal Reserve Governor Michelle Bowman on Wednesday reiterated her baseline view that “inflation will decline further with the policy rate held steady,” and that rate cuts will “eventually” be appropriate if inflation does move sustainably toward 2%.
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➡️𝗠𝗶𝗱𝗱𝗹𝗲-𝗖𝗹𝗮𝘀𝘀 𝗛𝗼𝘂𝘀𝗲𝗵𝗼𝗹𝗱𝘀 𝗔𝗱𝗷𝘂𝘀𝘁𝗶𝗻𝗴 𝗙𝗼𝗿 𝗜𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻, 𝗦𝘂𝗿𝘃𝗲𝘆 𝗙𝗶𝗻𝗱𝘀
Elevated housing costs are one of the biggest financial issues for middle-income households, defined as those earning between $50,000 to $148,000 a year. It’s helped shift views on the housing market, with the survey showing that 51% now don’t believe homeownership is required to be financially prosperous.
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➡️𝗪𝗵𝗶𝘁𝗲 𝗛𝗼𝘂𝘀𝗲 𝗮𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝘀 𝗻𝗲𝘄 𝗴𝗿𝗮𝗻𝘁 𝗽𝗿𝗼𝗴𝗿𝗮𝗺 𝗱𝗲𝘀𝗶𝗴𝗻𝗲𝗱 𝘁𝗼 𝗯𝗼𝗼𝘀𝘁 𝗵𝗼𝗺𝗲𝗼𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽
With an initial investment of $85 million and another $100 million to come “later this summer,” PRO Housing aims to help more than 20 cities in their efforts to lower barriers to new construction and affordability.
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➡️𝗛𝗼𝗺𝗲 𝗽𝗿𝗶𝗰𝗲𝘀 𝗿𝗲𝗮𝗰𝗵 𝗿𝗲𝗰𝗼𝗿𝗱 𝗵𝗶𝗴𝗵 𝗮𝘀 𝘀𝗮𝗹𝗲𝘀 𝗰𝗼𝗼𝗹
The median sales price for a home in the U.S. climbed to $419,300 in May — the highest ever recorded and the 11th consecutive month of price gains, according to the National Association of Realtors (NAR).
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