MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 9/24/2024 – 9/30/2024
Let’s see what the market’s doing this week in the Riverdale area of the Bronx.
Did You Know?
* In 1970, government safety-net money accounted for significant income in fewer than 1% of America’s counties (Economic Innovation Group). By 2022, 53%—more than half of all U.S counties—drew at least a quarter of their income from government aid. The big reasons for this dramatic growth: A much larger share of Americans are seniors, and their healthcare costs have risen.
The counties that rely significantly on government spending tend to be small, but are still home to nearly 22% of the U.S. population. M
ore than 17% of Americans are ages 65 or older, up from about 10% in 1970…..this will be up to 25% by 2060. (WSJ)
* Fireplace mantels are an incredible interior design – or staging – opportunity. They can define the style of a home, whether sleek or minimalist, or traditional/classic. A ‘fireplace’ can be merely decorative too, and added to any room, anywhere. An ethanol burning fireplace creates a flame, heat….but zero smoke or fumes and requires no ventilation systems.
Mortgage Rate Updates
The average rate on a 30-year fixed mortgage eased slightly to 6.08% as of September 26th, hitting its lowest level since mid-September 2022, down from last week when it averaged 6.09%, according to Freddie Mac. The decrease coincides with the Federal Reserve kicking off its rate-cutting cycle with a larger-than-expected 50 basis point cut, the first reduction since 2020. A year ago, the average rate for a 30-year mortgage was higher at 7.31%. “Although this week’s decline was slight, the 30-year fixed-rate mortgage trended down to its lowest level in two years,” said Sam Khater, Freddie Mac’s Chief Economist. “Given the downward trajectory of rates, refinance activity continues to pick up, creating opportunities for many homeowners to trim their monthly mortgage payment. Meanwhile, many looking to purchase a home are playing the waiting game to see if rates decrease further as additional economic data is released over the next several weeks.”, he added.
Source: Freddie Mac
