Mortgage rates fall below 7% for the first time in 6 weeks
Buyers may be able to take advantage of lower rates and increasing inventory, but many are still priced out, dampening sales.
May 23, 2024
Dave Gallagher
Director, News Reporting
Dave's journalism career spans 24 years covering business, the economy and real estate in Northwest Washington. He's also a numbers nerd, examining data to spot emerging trends in industries. Having started his career as a sports writer, he's a lifelong baseball and soccer fan and recently discovered pickleball. He grew up in Yosemite National Park and earned his journalism degree at Humboldt State University in northern California.
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- NAR continues its battle to keep DOJ case closedAn appeals court ruled that the government could reopen its investigation. NAR says that decision involved “far-reaching and exceptionally important” errors.Updated May 21, 2024
- Down payments have doubled in the past 4 yearsThe latest data points to some easing, but payments could hit a new peak later in the year. Regionally, payments are down in areas with rising inventory.May 14, 2024
- 3 top takeaways from NAR’s legislative meetingsMembership numbers defied expectations, while member dues and leadership announcements paint a picture of an association focused on stability.May 13, 2024
- Judge explains the ‘why’ of rulings on settlements, attorney feesIn a 40-page filing, Judge Bough lays out his reasons for rejecting arguments from the May 9 hearing, and said lawyers can collect a third of settlement funds.May 11, 2024
- Judge approves commissions settlements for Anywhere, RE/MAX, KWDespite a last-minute motion to delay the hearing, the proceedings went on as scheduled, ending buyer agent commissions litigation for the three brokerages.May 9, 2024
- Compass beats revenue expectations, adds agentsWhile revenue improved 10%, the company reported steep losses — but CEO Robert Reffkin was more focused on the future of buyer agents during the earnings call.May 8, 2024
- Judge denies effort to delay commissions settlement hearingBuy-side plaintiffs who claim the Anywhere, RE/MAX and KW deals go too far will still get their chance to make that argument in court May 9.May 8, 2024
- Homebuyers try to halt approval of commissions settlementsAnywhere, RE/MAX and KW deals at risk after new documents reveal a plan to include immunity from buy-side lawsuits, plaintiffs in the Batton case allege.May 8, 2024
- Redfin: Revenue is up, Kelman is bullish despite lossesEven as net losses increase, Redfin’s CEO says the company is in a good place: “When you give people a better deal, they actually beat a path to your door.”May 7, 2024
- 10% mortgage rates? Consumers think we’re headed that wayIn a recent survey by the New York Fed, consumers said they expect rates to hit 8.7% in a year and 9.7% in three years.May 7, 2024
- Redfin to pay $9.25 million to settle commissions casesThe company is the 10th brokerage to agree to pay into a settlement fund, which is approaching $1 billion.May 6, 2024
- NAR clarifies new rules for MLSs, agents — and extends deadlineThe organization has revised its MLS handbook and beefed up its FAQ to help explain what’s changing, while giving NAR members until Aug. 17 to comply.May 3, 2024
- RE/MAX sees dip in revenue, agents in first quarterFollowing a series of leadership changes, the company is focusing on cutting expenses as it navigates the tough real estate market.May 2, 2024
- Mortgage rates keep climbing. Will buyers give up?Rates are likely to stay higher for longer, but as inventory builds, pent-up demand and more home choices could entice buyers — if they can afford it.May 2, 2024
- Negotiation will be the most essential skill for buyer agentsOnce new rules go into effect — between July and September — agents will need to embrace “the new regime” to avoid liability, and to ensure they get paid.May 2, 2024
- eXp hopes to stem agent losses with rev share updatesDuring an earnings call, Glenn Sanford said he wants to help agents “in the middle,” while noting that revenue was up and touching on the commissions lawsuits.May 1, 2024
- 5 brokerage settlements receive preliminary approvalFirms that settled in the Gibson/Umpa case in March and April will have until later this year to finalize the agreements, but more than 20 defendants remain.April 30, 2024
- Zillow offering 7-day ‘touring agreement’ for agentsThe NAR settlement does not address home search portals, but Zillow wants to make it easier for buyers to try out an agent in a way that aligns with new rules.April 30, 2024
- KW CEO on emerging from the wilderness, looking to the futureMark Willis returned to Keller Williams after a 7-year hiatus, and he’s ready to lead in a new way. “It’s not about proving myself. It’s about impact.”April 30, 2024
