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  • Writer's pictureChris Mackey

BlueBid Buzz: June 13

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 June 13, 2024…

  • The Fed is keeping its benchmark lending rate at its current level for the seventh time in a row, while signaling fewer rate cuts than previously estimated. That means borrowing costs on everything from car loans to mortgage rates will remain elevated, according to CNN.

  • examined the mortgage rate lock-in effect, which is the phenomenon where homeowners with existing mortgages at lower rates are hesitant to sell their homes and buy new ones at a much higher mortgage rate. While the average 30-year fixed mortgage rate was 7.17% on Monday, the effective mortgage rate on outstanding U.S. mortgages is 4.0%.

  • Redfin says 3 of 5 current listings are 'stale' as record high costs dampen demand.

  • According to Newsweek, the rise in the number of homes sitting idle on the market is likely linked to the growth in inventory across the country—especially in states like Texas and Florida.

  • CNBC shares predictions for the housing market in the second half of 2024, and may experts say a boost in supply is not enough to solve affordability issues for buyers.

  • The latest data from the NBC News Home Buyer Index show what experts say is a housing market inaccessible to a growing number of people.

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.


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