MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 6/3/2024 – 6/10/2024

Did You Know?

* Local tax offices typically have a “residential assessment ratio” that compares the average ratio of assessed values to current market values. (Tax assessments are related but not identical to appraised market value.) For example, a ratio of 50% shows that assessed values are typically half of current market values in the jurisdiction or $200,000 in assessed value compared with a $400,000 market value.

* The cost of owning a home in the US has increased 26% since 2020, as expenses including taxes, insurance and utilities all soared during a period of high inflation across the economy….that averages about 5.95% per year. (BLOOMBERG)

* The delinquency rate increased from 0.69% in late 2022 to 1.17% in early 2024. However, this rate is still low compared to historical standards below 3.5%. (Yahoo)

Mortgage Rate Updates

The average rate for a 30-year fixed mortgage fell by 4 basis points to 6.99% as of June 6th, down from the previous week’s 7.03%. The average for the 30-year mortgage rate was at 6.71% in the corresponding period of the previous year. “Mortgage rates retreated this week given incoming data showing slower growth.” said Sam Khater, Freddie Mac’s Chief Economist. “Rates are just shy of seven percent, and we expect them to modestly decline over the remainder of 2024. If a potential buyer is looking to buy a home this year, waiting for lower rates may result in small savings, but shopping around for the best rate remains tremendously beneficial.”.

Source: Freddie Mac