With the jobs report coming in stronger than expected for the third month in a row, a soft landing in 2024 is looking more and more likely for the economy. A decent growth rate in economic activity, however, is also keeping inflation elevated and delaying the Federal Reserve’s rate-cut movements. As such, Wall Street has adjusted its expectations on the number of cuts accordingly, which might have resulted in the most recent rate increases. Despite the change in expectations, futures contracts continue to point to a 50-75 basis-point (bps) decline in policy rate this year, which is consistent with what C.A.R. projected in its latest forecast.
Home purchase sentiment dips for the first time in four months:
Home Purchase Sentiment released by Fannie Mae had its first decline since November 2023, as consumers lowered their expectation in the latest mortgage rate outlook. Twenty-nine percent of the survey respondents in March believed that rates will go down over the next 12 months, a sizable drop from 35% recorded in February. The share of consumers who said it would be easy to get a home mortgage today also declined 4 percentage points to 42% last month. Strong jobs report and concerns about inflation remaining sticky were likely the reasons behind the increased pessimism in rates movement and mortgage eligibility. Despite the drop in optimism towards rates, consumers continued to feel more positive about the current housing market conditions. Those who said it was a good time to buy rose 2 percentage points to 21% and those who said it was a good time to sell inched up 1 percentage points to 66%. Both measures have increased multiple months in a row, which is an encouraging sign for the spring home buying season. (April 15, 2024)
Earning Referral Fees
made easy!
Get 50% Referral Fee on Transactions Closed Within 12 Months
Terms & Conditions –
- Referring agent is entitled to a 50% referral fee of the total net commission after company dollars have been collected, based on the customer/principal side of the transaction.
- The referral fee on each customer/Principle will only be valid from transactions closed within a 12-month period of the initial referral request submitted.
- Referring agent license registration with the Company must be current at the time of referral fee disbursement.
- Terms and conditions may be modified by management without further notice. See the compensation exhibit and fee schedule on Virtual Agents for pricing details.
