BetterCallFigs

[The Kobeissi Letter @KobeissiLetter]

BREAKING: The average rate on a 30-year fixed mortgage in the US rises to 7.43%, a new 2024 high.

We have not seen mortgage rates this high since early-December 2023, when the Fed said rate cut talks were "premature."

This means that the monthly mortgage payment on a $500,000 house with 20% down is now $3,500/month.

The $3,500/month figure also does not include property taxes, insurance, or maintenance.

Meanwhile, the median US home is now selling for a whopping $417,700.

Who's still buying a home?

[Douglas A. Boneparth @dougboneparth]

You can make homeownership more affordable by replacing 30-year mortgages with 3,000-year mortgages.

Follow me for more real estate insights.

[Chamath Palihapitiya @chamath]

The US housing market is in an untenable position - rates haven’t been this high in 20+ years.

The implications are twofold:

1) existing homeowners stay put and sit on their historically low mortgage versus sell their home and own a new home with a much higher mortgage.

2) inventory of available homes for sale shrinks and the total cost of ownership closes off many Americans from owning their most significant asset - and where most derive the bulk of their wealth.

So what happens from here?

This should continue to help the home builders who increasingly become the only game in town wrt inventory of available homes for sale.

Separately, add this to the column marked “Where the Fed feels increasingly motivated to initiate rate cuts 1-2 quarters sooner than they would otherwise”.

If the economy stays resilient, this probably isn’t until Q2/Q3 2024, but if we slow faster than expected, we could see our first cut in Q1-2024.

[CNBC Now @CNBCnow]

BREAKING: Fed approves hike that takes interest rates to highest level in more than 22 years
https://t.co/uzFmFYBjXQ

[Diana Olick @DianaOlick]

Home prices continue to climb with 'striking' regional differences, says S&P Case-Shiller https://t.co/5kB0ze57QV #housing #realestate #realestateinvesting

[Wall Street Mav @WallStreetMav]

With the increase in mortgage rates from 3% to over 7%, a $400k house will now cost you over $1,000,000.

🔥🔥🔥

[BetterCallFigs @BetterCallFigs]

A home's value is dependent on multiple factors, those that are tied to the property and external circumstances, like the state of the economy and capital markets.
https://t.co/nxFpOYDVok

[BetterCallFigs @BetterCallFigs]

Some updates and renovations can backfire when it comes time to sell. Beware of these mistakes that can drive away potential buyers.
https://t.co/QdQ5FpCdHT

[BetterCallFigs @BetterCallFigs]

While rising rates aren't a good thing, they also don't have to be a deal-breaker.
https://t.co/2oSOUhNzbn

[BetterCallFigs @BetterCallFigs]

Home sales weakened for the ninth straight month in October, weighed down by higher mortgage rates.
https://t.co/Iq43UH1MNX

[BetterCallFigs @BetterCallFigs]

Home prices could drop in 2023, but if they do, you should still watch your budget. Here's why you don't want to buy more house than you can afford.
https://t.co/YtTh2aRUct

[BetterCallFigs @BetterCallFigs]

What are the most common mistakes that home buyers make? (Besides not calling me!)
https://t.co/19F7Jn5r6a

[BetterCallFigs @BetterCallFigs]

Hope for relief from rapidly rising mortgage rates was revived this week as consumer prices continued to increase last month, but at a slower pace than at any other point this year.
https://t.co/jpGVuKKozZ

[BetterCallFigs @BetterCallFigs]

Being a homeowner has its benefits during periods of economic decline. #TheMoreYouKnow
https://t.co/SYyHy9ThUJ

[BetterCallFigs @BetterCallFigs]

Mortgage rates have not been this high in 20 years!
https://t.co/U2W4BVYg3V

[Forbes @Forbes]

As House Prices Start To Moderate, How Bad Could It Get? https://t.co/bUVlcnB41d

[BetterCallFigs @BetterCallFigs]

If you want to buy a home, don't allow rising interest rates to discourage you. While rising interest rates may seem like doom and gloom for home buyers, the opposite may be true.
https://t.co/6NIeu9V2rK

[BetterCallFigs @BetterCallFigs]

Lenders will be required to use a new type of credit score that is expected to increase the number of homebuyers who qualify for mortgages.
https://t.co/7WRPjoYHQf

[BetterCallFigs @BetterCallFigs]

While it's impossible to predict where prices or interest rates will be in the coming months or years, here are ways to best prepare for entering the market. #BetterCallFigs
https://t.co/tcSuFx4K0D

[BetterCallFigs @BetterCallFigs]

More than one in five homes on the market had a price drop last month — a record 22% of houses for sale.
https://t.co/3OgH5PAMsn