1. Rates hold near multi month lows

Disclaimer: Average mortgage rates as of April 6, 2023. © MND's Daily Rate Index 

Mortgage rates fell earlier this week due to expectations that the US economy is slowing down. However, today’s March employment report showed job growth totals of $236k in March, near expectations, with the unemployment rate decreasing to 3.5%, putting pressure on rates.

Next week will be very important, highlighted by the CPI Inflation report on Wednesday 4/12/23. Mid-week volatility in rates is expected.

2. Home prices rise in February

According to Black Knight, home prices rose 0.16% nationally in February, marking the first monthly increase after seven months of declines.

“The purchase market increased when rates declined in the early part of the month, and borrowers were quick to take advantage of limited inventory,” Andy Walden, Black Knight’s vice president of enterprise research, said in a statement. “In many areas of the country, that dynamic – low inventory and a modest rise in demand – led to an uptick in home prices.”

However, the scarcity of inventory isn't getting better, which is the source of market gridlock. The number of homes available for sale fell for the fifth consecutive month, and new listings ran 27% below pre-pandemic levels.

3. Remote Online Notarizations become a reality for real estate closings in Massachusetts, starting January 2024.

Governor Maura Healey signed legislation legalizing remote online notarizations, making Massachusetts the 43rd state to do so (HousingWire).

Quick hits…

🤑 Fannie Mae now permits the use of the borrower’s earned real estate commission for down payment and closing costs. Lenders may use the borrower’s earned real estate commission as an eligible source of funds when the borrower is a licensed real estate agent and will receive a sales commission from the purchase of the subject property.

👴 New England’s Campanelli Ranch celebrates its 7th Anniversary. (BostonGlobe)

🍫 ION: Chocolate is king for Easter, and America’s favorite candy is Reese’s Peanut Butter Eggs, according to data from Instacart. But stay away from Peeps!

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