It's still painfully expensive to buy a house, but relief could be on the way

Mortgage rates climbed to 7.1%, marking the third straight week of gains. Here's a look at what to expect from the housing market in the months ahead.

Apr 26, 2024 - 22:30

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It's still painfully expensive to buy a house, but relief could be on the way

Caroline Woods brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Friday, April 26.

Full Video Transcript Below:

CAROLINE WOODS: I’m Caroline Woods reporting from the New York Stock Exchange - here’s what we’re watching on TheStreet today.

Stocks are wrapping up a busy week on Wall Street as investors digest hotter than expected inflation data, first quarter GDP, and a slew of big tech earnings. The earnings parade will continue with results expected from Amazon, Starbucks, eBay, Apple and more next week.

Investors are also looking ahead to the Federal Reserve’s two-day policy meeting kicking off April 30th. Analysts are widely expecting the central bank to hold interest rates steady for the sixth straight meeting.

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And in other news, mortgage rates are showing no signs of slowing. Freddie Mac data showed that the average rate for a 30-year mortgage climbed to 7.1 percent this week, marking the third straight week of gains. This is the highest level seen since November. Mortgage rates at this time last year were just above 6.4 percent.

But there should be some reprieve ahead. With inflation on a steady decline, rates should fall in tandem. The National Association of Realtors expects that mortgage rates will fall to 6.5 percent by the end of 2024.

The housing market has been in crisis mode over the last few years as it contends with high mortgage rates, painfully elevated home prices, and limited inventory.

That’ll do it for your daily briefing - from the New York Stock Exchange, I’m Caroline Woods with TheStreet.

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