Mortgage Rates are on the Rise, Again

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Mortgage Rates are set to rise

Following yesterday’s victory in the 2024 presidential election. The Associated Press projects that Republicans have secured critical battleground states—North Carolina, Georgia, Pennsylvania, and Wisconsin—securing a second nonconsecutive term, making history.

Bond markets responded swiftly, with the yield on the 10-year Treasury rising to 4.43%, up from 4.3% before polls even closed. Since Mortgage Rates often mirror the 10-year yield, this means homebuyers could see higher Mortgage Rates when banks update their daily figures today.

While there are pledges to lower Mortgage Rates, the anticipation of his victory has already been driving Mortgage Rates higher in recent weeks. Last week, Mortgage Rates hit 6.72%, marking a five-week streak of increases. Bond investors are concerned that the incoming administration could lead to bigger deficits due to tax cuts, tariffs, and mass deportations, all of which could fuel inflation and more government borrowing that ultimately impacts Mortgage Rates.

The Federal Reserve meets tomorrow and Thursday to review the latest economic reports and assess how to respond to recent changes in Mortgage Rates. Despite their September cut on the bank rate, Mortgage Rates have continued to rise, surprising many experts. Analysts predict that Mortgage Rates could remain volatile over the coming months.

For potential buyers, Mortgage Rates are a major concern as they look to make long-term decisions. With Mortgage Rates trending upward, home affordability is affected, causing many to reconsider their timing for entering the market.

This election outcome may shape the economic landscape, and Mortgage Rates are expected to reflect those changes as they unfold. As more policy details emerge, Mortgage Rates will likely be watched closely by both homebuyers and investors to gauge where the housing market is headed next.

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Fathom Expands Network, Appoints New CFO

Fathom Holdings, has made two significant moves to strengthen its position in the real estate market.

First, Fathom has promoted Joanne Zach to Chief Financial Officer. Zach, who has served as Senior Vice President of Finance since 2021, brings over 25 years of experience across various sectors, including life sciences and manufacturing. CEO Marco Fregenal praised her strategic acumen and leadership, confident she will continue to drive Fathom’s financial success. Zach expressed her excitement about building on Fathom’s strong foundation and leveraging technology to fuel the company’s growth.

Meanwhile, Fathom has also acquired Arizona-based real estate brokerage, My Home Group, adding 2,200 agents to its network. This acquisition boosts Fathom’s agent count to 14,500 nationwide, expanding its reach in the competitive real estate market. My Home Group, ranked 27th in the U.S. by transaction volume, will retain its name and leadership, with Fathom planning to cross-sell its mortgage and title services to My Home Group’s clients. 

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Music Icon Quincy Jones Dies at 91

Music legend Quincy Jones passed away at the age of 91 on November 3, 2024, in his beloved Bel-Air mansion, surrounded by family. The home, which Jones purchased in 1972 and later custom-built in 2002, served as a symbol of his legendary life and career, offering a sanctuary filled with personal treasures and stunning views.

The 25,000-square-foot estate, valued between $13 million and $25 million, sits on over two acres and features five bedrooms, nine bathrooms, and a sweeping 180-degree view of Los Angeles. The home was designed to reflect Jones’ musical genius, with a circular ceiling divided into 12 panels representing the 12 notes of the musical scale, the zodiac signs, and the apostles—an artistic tribute to his lifelong connection to music.

Inside, the mansion is filled with memorabilia from his illustrious career, including his Bösendorfer grand piano, an Oscar, and an Emmy. Jones often shared glimpses of his lavish home on social media, showcasing the circular terrace that wraps around the property, offering panoramic views of the city below.

Jones, who lived in Bel-Air for decades, was deeply connected to this space. It was more than just a home—it was where his musical legacy was nurtured, and where he spent his final days in the company of those he loved.

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