Good Morning! Today is Friday, April 5. Israel agreed to open a crossing to increase humanitarian aid to northern Gaza. A shipping channel to the Port of Baltimore will partially reopen by the end of April. A deadly snowstorm caused major power outages in the Northeast.
The Mortgage Note Reports
Living Large: Luxury home prices are at an all-time high as a record share of rich buyers pay cash for homes in the country’s most exclusive areas. Writer Chuck Green has the story.
Major Sacrifices: Average Americans are making sacrifices ranging from fewer vacations to skipping meals to afford their housing costs.
Rates Rise Slightly: Mortgage rates were stagnant last week, moving up a tiny bit but staying put in the mid-6% range yet again.
Listen Up: Spring is here and the home selling season is getting underway. Writer Nicole Murray spoke with real estate professionals and recent buyers to see what they think about the current market for our latest podcast.
In other mortgage and housing news…
Employment Report: U.S. payrolls jumped 303,000, suggesting the Fed can afford to be patient with rate cuts. Treasury yields were up 9 bps.
Basel’s Future: The Fed’s Michael Barr said the central bank is carefully considering the industry’s comments on Basel III and expects tweaks to be made to the final rule.
Junk Or Not: Are discount points “junk fees?” Check out this deep dive into the costs the CFPB says are unnecessarily driving up the price of homebuying.
Slashing Prices: Buyers are looking at an optimistic mix of increasing inventory and an uptick in price reductions going into the Spring season, Realtor.com says.
Interesting Homes: An 8-sided house designed to sustain minimal hurricane damage is for sale in Puerto Rico.