Where did rates end in the month of April?

30 Year Fixed Rate Conventional Average: 7.619% (0.321% increase month over month)

30 Year Fixed Rate FHA Average: 7.313% (0.238% increase month over month)

30 Year Fixed Rate VA Average: 7.396% (0.356% increase month over month)

Disclaimer: The mortgage rates provided are sourced from a database reflecting lenders’ current pricing and fees for informational purposes only, not as an offer or commitment to lend. Rates are subject to change and may not apply to all borrowers. This information does not constitute financial or legal advice. These rates are based on a $400,000 loan amount with 20% down payment and 740-759 credit score.

What happened this month in the mortgage and real estate space?

Amidst economic indicators shaping the real estate and mortgage sectors, let's simplify key data points for better understanding:

Unemployment Rate: Currently at 3.9%, unemployment remains a pivotal metric monitored by the Federal Reserve. A lower unemployment rate signifies a healthier economy, stimulating spending and potentially affecting inflation rates.

Consumer Spending: Predicted to grow by 2.3% in 2024, consumer spending plays a crucial role in driving economic activity. This growth trajectory, supported by solid momentum, reflects ongoing confidence in the market.

Consumer Debt: Rising consumer debt, as projected, poses challenges to economic growth. The increasing debt burden can constrain consumer spending and impact overall economic health.

Interest Rates: Elevated interest rates, influenced by robust economic indicators, have increased significantly this month. These rates are essential indicators of market conditions and play a crucial role in shaping borrowing and spending behaviors.

Let's Talk About the NAR Settlement

Background of the Issue: There was a big legal discussion about how much real estate agents get paid. Some people sued NAR, saying agents charge too much. This caused uncertainty in the real estate market because people weren't sure what would happen next.

Settlement Agreement Details: NAR agreed to pay $418 million over four years to settle the lawsuits. This money will be used to solve problems in the real estate industry.

Misunderstanding About Agent Fees: Some people thought NAR decided how much agents should be paid. But actually, agents and clients negotiate the fees.

Impact on Agents and Industry Rules: The settlement affects almost all NAR members and changes how they do business. For example, agents can't offer certain deals on house listings anymore, and they need to have agreements with clients before showing them houses.

Why It Matters: This agreement helps NAR avoid going bankrupt because of the lawsuits. It also tries to make sure agents are fair and honest with clients.

Help for Agents: NAR is giving agents support and training to understand the new rules and keep doing their jobs well.

What's Next: Even with these changes, NAR is still going to lead the real estate industry and help agents do their best for clients. They're working to make sure everyone involved in buying and selling houses is treated fairly.