Federal Reserve to Announce Key Interest Rate Decision Today

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US Mortgage Rates Rise for First Time in Nine Weeks, Impacting Refinancing and Homebuying Activity

US mortgage rates have risen for the first time in nine weeks, marking a shift in the housing market. The average 30-year fixed mortgage rate climbed 5 basis points to 6.72% for the week ending March 14, according to data from the Mortgage Bankers Association. The 15-year fixed mortgage rate also saw an increase.

This uptick in rates is impacting both refinancing and homebuying activity. Refinancing applications dropped nearly 13% after reaching their highest levels since October, while applications for new home purchases saw a slight increase of 0.1%.

Despite the recent decline in rates earlier this year, affordability remains a challenge for many, with home prices still elevated. The Mortgage Bankers Association’s data, which covers over 75% of all residential mortgage applications in the U.S., suggests that a sustained drop in mortgage rates could provide much-needed relief to the housing market.

The Federal Reserve met yesterday and today. They are expected to announce the bank rate at 2pm Eastern Time. While that doesn’t directly impact mortgage rates, it could precede what’s in store for the housing market moving forward.

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U.S. Housing Markets Face Mixed Signals: Rising Rentership Amid Rebounding Homebuilding and Tariff Challenges

U.S. housing and rental markets are showing mixed signals as both renters and homebuyers face unique challenges. According to a new Redfin report, the number of renter households grew by 0.8% in the fourth quarter, bringing the total to 45.4 million, though this marks the slowest growth since early 2023. Meanwhile, the number of homeowners also grew by 0.8%, the first time in over a year both markets have seen the same growth rate. Redfin notes that high home prices—40% above pre-pandemic levels—and rent prices, which are 20% higher, continue to drive people toward renting longer, especially in expensive coastal cities like New York and Los Angeles, where rentership rates are over 50%.

In other housing news, U.S. homebuilding saw a sharp rebound in February, with single-family housing starts jumping by 11.4%, despite rising material costs due to tariffs. But rising import prices, including those on Canadian lumber, could threaten this recovery, with builders facing an estimated $9,200 per home in added costs from recent tariffs. Factory production surged, but the economic uncertainty, along with a drop in building permits, has some experts worried that a full recovery may take longer.

As housing markets face rising costs and tighter inventories, both renters and homebuyers may be feeling the pinch this year.

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Real Estate Agent and 3 Accomplices Charged in $3M Deed Fraud Scheme in Queens

A New York City real estate agent and three accomplices are facing charges for allegedly stealing three homes in Queens worth over $3 million in a deed fraud scheme. Autumn Valeri, a 41-year-old agent known for her bold Instagram presence, and her co-conspirators forged signatures and filed fake documents with the City Register’s office to take control of the properties, prosecutors say.

Valeri, along with Carl Avinger, Lawrence T. Ray, and Torey Guice, turned themselves in on Tuesday after a grand jury handed down a 47-count indictment. They face serious charges, including grand larceny, identity theft, and conspiracy. Authorities allege they even wired nearly $442,000 to Ray’s bank account after selling one of the homes.

In a shocking twist, the group tried to steal another property from an 82-year-old woman just days before their arrests. All four defendants face up to 25 years in prison if convicted. Valeri, who had a child with Avinger, will be restricted to travel within New York’s five boroughs, while Avinger faces tighter scrutiny due to his extensive criminal record. Their next court date is April 29.

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