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- Lawrence Yun on future mortgage rates: No return to 3%
Lawrence Yun on future mortgage rates: No return to 3%
Plus: Grant Cardone lists $42M Miami mansion on blockchain
🎆 Welcome to a very Friday-esque Wednesday. Today’s newsletter is 634 words, a 2.5-minute read.
Also: Mortgage Nuggets will be taking an Independence Day snooze — there will be no Friday email — but you can bet we’ll be fully back to normal on Monday the 8th.
Disclaimer: Average mortgage rates as of July 02, 2024. © MND's Daily Rate Index.
1. Lawrence Yun on future mortgage rates: No return to 3%
In a Washington Journal interview, Lawrence Yun, chief economist at NAR stated that Americans are unlikely to see 3% mortgage interest rates again, citing the extraordinary circumstances of the COVID-19 lockdown and massive monetary stimulus.
He emphasized that the historical average is around 7% and that current rates are in line with this norm. Yun mentioned that while the Federal Reserve's restrictive monetary policy might lead to slight declines in interest rates, they won't drop to previous lows.
Reflecting on past trends, he said, "My parents bought their home with a 16% mortgage rate and found it to be one of the best decisions ever." This underscores the importance of adapting to the current rate environment and recognizing the long-term benefits of home ownership.
Watch the full interview here. Start at minute 3.
2. Cardone lists $42M Miami mansion on blockchain
Grant Cardone, a serial founder and investor, has listed a $42 million private property in Golden Beach, Florida, on Propy’s blockchain-based platform.
Leveraging the immutability of the blockchain, Propy streamlines home purchases and prevents fraud through a decentralized title registry and escrow settlement protocol. The property is available for purchase with Bitcoin or US dollars.
“We are all in on blockchain revolutionizing real estate. We are leveraging top-tier technology to make transactions seamless and unstoppable. This is the future of real estate, and we’re leading the charge,” Grant Cardone said.
3. More Nuggets
📝 Innovative tactics to help independent lenders beat big-box builders. (NMP)
🧑🧑🧒🧒 Can you afford to buy a home while supporting parents and children? (HW)
⚖️ ICE Mortgage Monitor: 1 in 4 mortgages now above 5%. (MPA)
🤨 More layoffs at Newrez, trimming 78 employees in Arizona. (NMN)
4. Sellers appeal KW, Anywhere, RE/MAX settlements
Several plaintiffs in a South Carolina lawsuit have appealed the $208.5 million settlement reached by Anywhere, Keller Williams, and RE/MAX in the sell-side commissions’ lawsuits.
On July 1, Benny Cheatham, Robert Douglass, Douglas Fender, and Dena Fender, plaintiffs in the Burton case, appealed the final approval to the Eighth Circuit Court of Appeals. The case mirrors the Sitzer/Burnett case.
This group joins Spring Way and defendants from the Batton case in appealing the settlement approved by Judge Stephen Bough on May 9. The July filing did not state a reason for the appeal; details are typically filed later.
5. Top 10 best cities for real estate agents
In Clever Real Estate’s study of the top 50 cities for agents, 7 of the top 15 are in the Midwest. The study was based on a weighted average of 15 factors such as affordability, annual salary, number of agents per 100K residents, and annual home sales per full-time agent.
Here are the 10 best cities for real estate agents in 2024 (along with the average listing agent commission and median agent income):
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☀️ You’re all caught up. See you on Monday!
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