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Instant Reaction: Mortgage Rates – July 28th, 2024

The 30-year fixed mortgage rate from Freddie Mac declined to 6.89% over the last week from 6.95%. At 6.89%, with 20% down, a monthly mortgage payment on a home of $400,000 is $2,105; with 10% down, it is $2,369.

Positive: The CPI retreated today. Importantly, shelter, which is a lagging component but more than one-third of CPI, had slower gains. Fed Chair Jerome Powell indicated to Congress yesterday that there is a path to lowering the Fed Funds rate if inflation continues to cool. Today’s reading showed a measure of cooling.

Negative: Yesterday, Powell indicated “we probably won’t go back” to the ultralow rates seen in the last 10-15 years. For those thinking of mortgage interest rates—the implication has a ripple effect—buyers waiting for mortgage rates to again be at once-in-a-lifetime lows are likely going to be waiting a very long time.

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Are Buyers In trouble? New Laws Start Aug.1st 2024

The NAR now prohibits brokers listing homes on affiliated databases from offering compensation to buyer’s agents. 

The Impact on Sellers:

Home sellers may refrain from covering buyer-agent commissions, leading to significant cost reductions. The proposed rule change allows buyer’s agents to view compensation offers from their brokerage publicly. This will encourage agents to favor listings with upfront compensation offers, pressuring sellers to still offer buyer commissions.

The Impact on Buyers:

In the previous system, buyers had little say in negotiations, with sellers covering each agent’s 3% fee. Now, buyers will negotiate directly with agents, specifying services in required brokerage agreements. The buyers commission cannot be financed, buyers must find an affordable agent and agree on compensation terms upfront. This added expense could strain buyers with limited…continue reading