What's happened
As of December 19, 2024, the average rate for a 30-year mortgage increased to 6.72%, up from 6.6% last week, according to Freddie Mac. Despite rising rates, existing home sales rose 4.8% in November, indicating a complex housing market landscape.
Why it matters
What the papers say
According to AP News, the average rate for a 30-year mortgage rose to 6.72%, the highest since late November, while 15-year fixed-rate mortgages increased to 5.92%. This rise in rates is attributed to the Federal Reserve's recent signals about fewer rate cuts next year. Meanwhile, the NY Post reported a 4.8% increase in existing home sales for November, the largest year-over-year gain since June 2021, despite overall sales remaining below last year's pace. Lawrence Yun, chief economist at the National Association of Realtors, noted that the market is on track for its lowest sales since 1995, highlighting the ongoing challenges posed by elevated mortgage rates and high home prices.
How we got here
Mortgage rates have been influenced by the Federal Reserve's recent signals regarding interest rate cuts. The current rates are higher than last year, impacting homeownership accessibility amid rising home prices.
Common question
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What is Driving the Rise in Existing Home Sales?
The housing market is experiencing a notable shift, with existing home sales rising by 4.8% in November. This increase raises questions about the factors influencing this trend, the challenges that remain, and what the future holds for homebuyers and sellers alike. Below, we explore key questions surrounding the current state of the housing market.
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What Challenges Are Luxury Brands Facing Today?
Luxury brands are navigating a complex landscape filled with market challenges and shifting consumer behaviors. As brands like Chanel adapt to these changes, understanding the current trends and challenges in the luxury market becomes essential. Below, we explore key questions surrounding the luxury industry and how brands are responding to these dynamics.
More on these topics
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The United States of America, commonly known as the United States or America, is a country mostly located in central North America, between Canada and Mexico.
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The National Association of Realtors, whose member brokers are known as Realtors, is a North American trade association for those who work in the real estate industry.
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The Federal Reserve System is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the m