Mortgage rates slightly lower after GDP release
The national average for a 30-year, fixed-rate mortgage rate ended down 0.01% to 7.15%*.
The final GDP data for Q4 2023 was released and it was a fairly positive report. It didn’t have a bigger impact on the bond market or the mortgage rate market because the GDP report details what happened almost two months ago.
Most reports detail what happened as opposed to what’s happening or what will happen, but the GDP report is one of the more out of date reports that we get. It’s not a surprise that it didn’t have a bigger impact on the current markets.
How much value has the U.S. housing market gained?
According to a recent report from Redfin, the total value of homes in the U.S. has gained over $2.4 trillion over the past year. The total value is a cool $47.5 trillion. That’s up over 5% year-over-year.
The report cited three reasons for the increase. First, there’s still a shortage of homes for sale and that’s driving value up. Second, high prices have remained sticky and avoided seasonal cooling. Finally, more homes are getting built.
Redfin Economics Research Lead Chen Zhao stated, “America’s homeowners are sitting pretty. They’re holding a massive amount of housing wealth, despite lackluster demand from buyers, because home values skyrocketed during the pandemic and now a supply shortage is preventing those values from falling.”
What does it cost to live like an NBA champion?
Los Angeles Clippers star forward Kawhi Leonard has listed his downtown L.A. penthouse. Located at Ritz-Carlton Residences at L.A., the three bedroom, 3.5-bath penthouse is only minutes from Crypto.com Arena.
The 4,300 sq. ft. unit offers city views and gorgeous interior design with glass walls and wood floors throughout. The penthouse comes with two fireplaces, a huge kitchen island and iPad-controlled lighting and shades.
The listed price tag to live in Kawhi Leonard’s home? Only $6.5 million.
* National average rates accurate as of 2/28/24 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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