The Buzz is a regular summary of housing market news and data driving our decision-making at Bluebid.
Here's the Buzz for the week of January 4, 2024…
Good riddance to the 2023 housing market. CNBC reports total mortgage application volume was down 9.4% for the week ended December 29, compared with two weeks earlier, despite a sharp drop in mortgage rates during December.
Zillow's Chief Economist shared her wish list for a healthier housing market in 2024, and she's hoping the deficit of new listings will continue to shrink.
The Wall Street Journal says average 30-year fixed mortgage rates have been higher than usual relative to the Treasury yields they typically track, but the spread has been shrinking for eight straight weeks to its lowest level since March. While the spread is still larger than the historical average, explains the author, but its downward trend is giving rates an extra push lower.
Recently released minutes of the Fed's December 12-13 meeting reveal uncertainty regarding how to proceed with interest rates, according to Morningstar. While most agree rate hikes are over, there's no clear timetable on cuts.
Have a great week.
Disclaimer: Views expressed here are my own and not the views of my coworkers or anyone else. I am not a financial advisor, investment advisor, or housing expert. I’m just a guy who cares deeply about saving the American Dream of homeownership.