MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 1/8/2024 – 1/15/2024

Did You Know?

* Jewelers, shoe stores and other specialty retailers are among the operators  opening at outdoor, non-mall locations such as grocery-anchored shopping centers and strip malls after finding that they perform better and typically save on costs. Consumers like quick and easy access to retail outlets. Village-style walk-up or drive-up locations are thriving! (WSJ)

* When the temperature in Orlando, Florida, is in the low 50’s you know it has to be cold everywhere:  In Dallas and Nashville the high’s are in the 20’s! In Denver there are negative readings. Which all makes New York’s 30’s seem rather balmy by comparison! Then again, there is San Diego in the low 60’s….

Mortgage Rate Updates

The average rate on a 30-year fixed mortgage was at 6.66% as of January 11th, edging 4 basis points higher from the previous week. The result mirrored the slight increase in Treasury yields in the period at hot economic data drove markets to pare the expectation of a rate cut by the Federal Reserve by the first quarter of the year, lifting mortgage prices. One year ago, the average rate on a 30-year fixed mortgage was at 6.33%.

“Mortgage rates have not moved materially over the last three weeks and remain in the mid-six percent range, which has marginally increased homebuyer demand,” said Sam Khater, Freddie Mac’s Chief Economist.

“Even this slight uptick in demand, combined with inventory that remains tight, continues to cause prices to rise faster than incomes, meaning affordability remains a major headwind for buyers. Potential homebuyers should look closely at existing state and local resources, such as down payment assistance programs, which can considerably help defray closing costs.”.

Source: Freddie Mac