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Another Fed cut, but mortgage rates still don’t feel the love
Splits and Caps Daily: Action for Agents
November 8, 2024
📈 Market Move:
Fed’s Fix Fizzles
The Fed cut rates again, but mortgage rates shrugged it off, climbing for the sixth week in a row. We’re talking a 30-year fixed averaging at 6.79% now, which has been enough to throw cold water on buyer demand. Mortgage applications took a double-digit dive, and buyer enthusiasm is hitting pause, especially with the election dust settling.
Higher rates mean higher payments—around $200 more per month for a typical mortgage on a $400K home. Some data shows rates might have peaked (for now), but it looks like we’ll still be seeing elevated rates at least through year’s end and maybe well into 2025. Meanwhile, inventory is creeping up with the market inching closer to balance, but demand isn’t in a hurry to catch up.
🌟Quote of the Day:
"The greater the obstacle, the more glory in overcoming it." — Molière
📊🤔 Agent Poll
What’s your top tip for keeping buyers motivated with rates up? |
🎉 Fun Fact of the Day:
Castles for a Buck, Round Two: In Spain, you can buy a medieval village for €50,000. It’s like your very own Game of Thrones, but with fewer dragons and more renovation bills.
📚 Resource Recommendation:
RentRedi: Alright, here’s the lowdown. RentRedi isn’t just another property management app—it’s like having a digital property manager in your back pocket. This tool lets landlords handle everything from tenant applications to rent payments, all in one streamlined spot. Think of it as the ultimate landlord assistant, helping you manage properties, screen tenants, and even handle maintenance requests without breaking a sweat. For agents working with landlords or dipping into property management, RentRedi is a serious time-saver that helps you keep everything organized.
Want to level up even more? Hit the Agent Bookshelf for top reads, Agent Articles for real estate gold, and Agent Resources for the tools to boost your biz—go get it!
That’s all for this week! Keep stacking those small wins, stay sharp, and remember—every move you make shapes the legacy you’re building. Let’s get after it!
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