Daily Archives: November 1, 2024

Greater Palm Beach Area Residential Sales Drop 20 Percent Annually in September

According to new data from the Miami Association of Realtors, residential sales in Palm Beach County dropped by 19.7% year-over-year, decreasing from 2,028 to 1,628 units. This decline is attributed to limited inventory at key price points and consistently high mortgage rates, even after the Federal Reserve’s first rate cut in four years in September.…

Mortgage Applications in U.S. Dip in Late October

According to the Mortgage Bankers Association’s latest Weekly Applications Survey for the week ending October 25, 2024, U.S. mortgage applications decreased 0.1 percent from one week earlier. The Market Composite Index, a measure of mortgage loan application volume, decreased 0.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the…

Mortgage Rates Hit 7 Percent One Week Before U.S. Presidential Election

U.S. homebuyers lose $33,000 in purchasing power in last 6 weeks of election cycle According to national property broker Redfin, a U.S. homebuyer on a $3,000 monthly budget has lost $33,250 in purchasing power over the last six weeks, with the daily average 30-year fixed mortgage rate rising to 7% on October 28, 2024. This…