MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 8/19/2024 – 8/26/2024
Let’s see what the market’s doing this week in the Riverdale area of the Bronx.
Did You Know?
* The 10-year Treasury dipped below 3.8%…..it was 4.988% in October 2023.(CNBC)
* Yesterday the New York Times ran a story titled: “Do I really need a real estate agent?” Hmmmmmm……
Mortgage Rate Updates
The average rate on a 30-year fixed mortgage remained relatively stable at 6.46% as of August 22, marking its lowest level since mid-May 2023, according to Freddie Mac. This drop coincides with a decline in long-term Treasury yields, as ongoing apprehensions regarding economic growth in the US have led investors to gravitate towards more secure fixed-income securities. In the same period last year, the rate on a 30-year benchmark mortgage was 7.23%. “Although mortgage rates have stayed relatively flat over the past couple of weeks, softer incoming economic data suggest rates will gently slope downward through the end of the year,” said Sam Khater, Freddie Mac’s Chief Economist. “Earlier this month, rates plunged and are now lingering just under 6.5 percent, which has not been enough to motivate potential homebuyers. Rates likely will need to decline another percentage point to generate buyer demand.”.
Source: Freddie Mac
