How Trump’s Election Influences The U.S. Real Estate Market

President-elect Donald Trump is making waves in the real estate market as his election affects not only the stock markets, which reached record highs late last week, but also caused mortgage rates to shoot up.

According to data provided by Zillow, the 30-year fixed mortgage interest rate spiked in the aftermath of Trump’s election, rising from 3.38% on Tuesday to 3.8% on Monday morning. So what does that mean for the real estate market in New York? At first, many buyers began canceling their views and delaying contracts, according to an article by Ronda Kaysen for The New York Times. As it turns out, it didn’t take long for this uneasiness to subside.

 

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From the article:

But even a few days can make a difference. By the end of the week, potential buyers were rescheduling appointments they had canceled on Wednesday, Mr. Kliegerman [president of Halstead Property Development Marketing] said. Others who had spent the summer cautiously eyeing apartments were finally signing contracts, relieved that the election was over. “The phone has been ringing a lot this week,” Mr. Debbas [partner at the boutique law firm Romer Debbas] said. “People are realizing that the world’s not ending.”

Article Source: http://www.housingwire.com/articles/38563-how-trumps-election-influences-new-york-real-estate

Mortgage Rates Affecting The Fed Funds Rate

30-year rates are hovering near 4%, VA loans and FHA mortgages are also going down. You need to be very aware of this especially if you’re to start refinancing your home or you’re shopping for your first home.

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How Mortgage Rates Connect To The Fed Funds Rate

The Federal Reserve’s Federal Open Market Committee (FOMC) adjourns from a scheduled two-day meeting Wednesday afternoon. The meeting’s outcome will influence the mortgage bond market which, in turn, will change current mortgage rates for consumers nationwide. If you’re shopping for a home, then, or about to start a refinance, consider… Read more at The Mortgage Reports

Mortgage rates are going up after Trump’s presidenctial race victory had no adverse impact on home purchases by American citizens, according to mortgage analysis by Zillow Group.

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Here’s how a Fed rate hike will impact mortgage payments in 12 major US cities

Still, potential homebuyers, expecting further rate hikes, are increasingly looking to lock in low rates before they go up, while refinance requests have dropped significantly (32% on Zillow) since November. The Fed is meeting this week and is widely expected to raise the benchmark Fed funds rate by 25 basis points to a range between 0.50% and 0.75%. That increase is likely to have an effect on mortgage rates going forward… Read more at Business Insider

Dipatch from #HousingOurFuture: Not enough real estate agents are “culturally sensitive”

In the coming decades, the rate of homeownership among Hispanics and Asians will roughly double, and the housing industry is not ready, a panel of experts said Friday. However, mortgage bankers and real estate agents are not equipped to appropriately deal with these communities, according to panelist at the Housing America’s Family Forum underway today in Dallas.