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MORTGAGE RATES & MARKET NEWS FOR APRIL 30th, 2024
As of the week ending on April 25, 2024, the average rate for a 30-year fixed-rate mortgage is reported at approximately 7.877%. It’s important to note that these rates have seen some fluctuations, and various factors including economic conditions and the borrower’s credit profile influence the final rate offered. For those considering refinancing, the average rate for a 30-year fixed-rate refinance loan has slightly increased to about 8.425%.
Mortgage rates are significantly influenced by economic factors, personal financial details of the borrower, and the specific conditions of the mortgage market at the time. For instance, someone with a strong credit score and a substantial down payment might secure a lower rate, while those with lower credit scores or smaller down payments might face higher rates.
If you’re thinking of securing a mortgage or refinancing your current one, it would be beneficial to compare rates from multiple lenders to find the best deal for your situation. As of April 30, 2024, the housing market is showing signs of resilience and growth in certain areas despite ongoing challenges like high mortgage rates and affordability issues. Key insights include:
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Home sales have seen a mix of increases and decreases depending on the region. Nationally, existing home sales have improved month-over-month but are still below the levels from the previous year. New home sales show slight growth compared to the previous year, indicating a shift where more buyers are opting for new homes due to the low supply of existing homes (Freddie Mac – We Make Home Possible).
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The National Association of Realtors (NAR) forecasts a significant increase in existing-home sales to 4.71 million for 2024, which is up from the previous year. This growth is expected to be concentrated in markets with high demand such as Austin, Texas, which is noted as a top market to watch due to pent-up housing demand (http://www.nar.realtor).
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Mortgage rates have remained steady with an average of around 6.8% as of March, impacting both buying and refinancing activities. Although this presents challenges, there’s an uptick in both refinance activity and purchase applications as the market adapts to these conditions (Freddie Mac – We Make Home Possible).
Overall, while the housing market faces headwinds from higher rates and price pressures, certain regions are experiencing growth, and there’s a general sense of cautious optimism as the market adapts to the economic landscape of 2024.
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As of April 30th, 2024, the precious metals market has seen some movement in prices. Gold is currently priced at approximately $2,315.60 per ounce, showing a decline of about 0.84% from the previous day. Silver is also down by 1.9%, priced at around $26.58 per ounce. These changes reflect the dynamic nature of precious metals prices which are influenced by various economic factors, market sentiments, and geopolitical events.
The prices of gold and silver can fluctuate due to a range of influences, including changes in supply and demand, investor behavior, and macroeconomic variables such as inflation rates and currency values. For instance, recent market conditions have been shaped by factors like central bank activities and economic data releases, which also affect investor sentiment towards safe-haven assets like gold and silver.
For those interested in the investment aspect, it’s important to keep an eye on these prices and market trends, which can help in making informed decisions about buying or selling these metals.
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As of April 30, 2024, the stock market has seen varied performances across different sectors and indexes. The S&P 500 index, for example, recorded a monthly return of 3.10% for March, which is a decrease from the previous month’s return of 5.17%. This marks a significant drop and highlights some volatility in the market compared to the long-term monthly average return of 0.56%.
Morningstar notes a particularly interesting trend in the valuation of small-cap stocks, which remain at a significant discount compared to large-cap and mid-cap stocks. This is seen as a potential opportunity for growth as the economic disruptions from the pandemic begin to settle and interest rates are expected to subside in 2024 and 2025.
Additionally, the U.S. stock market, as measured by the Buffett indicator—which compares the total market capitalization to the GDP—is currently high, suggesting that stocks may be overvalued. This indicator is pointing to a market cap that is nearly twice the GDP, which historically indicates a high valuation level.
Investors and market watchers are also keeping an eye on key economic indicators and upcoming events that could influence the market, such as Federal Reserve meetings and economic growth data releases, which could further impact market dynamics.
For those following daily market trends, the specific activities and movements can be tracked on financial news platforms like Nasdaq, which provides ongoing updates and analyses of stock market trends (Nasdaq). This snapshot of the stock market provides an overview of current trends and potential future movements as financial landscapes continue to evolve in response to both domestic and global economic factors. Check out http://www.gustancho.com.
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As of April 30, 2024, the yield on the 10-year U.S. Treasury note was approximately 4.66%. This figure represents a slight increase from the previous market day’s yield of 4.63%. The 10-year Treasury yield is a significant economic indicator, often used as a benchmark for other interest rates and a gauge of investor sentiment towards future economic conditions. The recent data indicates a minor fluctuation in yields, which is part of normal market dynamics. For more detailed and up-to-date information, you might want to check financial news platforms regularly.
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Mortgage rates are lower today on news the 30 years treasuries are lower. 30-year U.S. treasuries are at 4.217% today.
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This reply was modified 4 months, 3 weeks ago by Danny Vesokie | Affiliated Financial Partners.
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This reply was modified 4 months, 3 weeks ago by
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Jerome Powell is a big sack of shit and a liar. Rates need to come down and now he is changing his mind and says not to expect a drop in rates this year. What a POS. In the meantime 10 year treasuries remain at 4 27% but is not affecting lower rates.