mortgage rates

Americans think mortgage rates could increase past 8% in the next 12 months

Apple, AAPL, iPhone could triple in price to $3,500 if they’re made in the US

Former U.S. Rep. George Santos sentenced to 7 years in prison for fraud

One-third of younger millennials received down payment help in the form of a gift or a loan from a friend or relative

China is considering suspending its 125% tariff on some US imports including medical equipment, ethane and plane leasing

Per NY FedsAmericans aren't too optimistic about the future of mortgage rates as they expect it to blow past 8% in the next 12 months. This was compared to the 11.5% in February of last year.Regarding real estate for investment or personal use, the New York Feds also found that there was a decrease in people thinking it was a good idea to buy property in their own state. This saw a decline from 71% in Feb 2022 down to 68.4% in Feb 2022.Despite this, there is an expectation for home price growth to decline over the next 12 months to 2.6%. This was a sharp decrease from the previous 2022 numbers at 7%.The survey also found that renters started being slightly more hopeful of owning a property in the future. In 2022, 43.3% of them thought they would own a home in the future, and this year, the number increased by slightly over a percentage.Now, almost half of the renters think that they could own a home in the future. This year's numbers saw 44.4% of them thinking they might be able to purchase a property.Toward the end of February, US home sales were down by 36.9% year-over-year in January, reaching its 12th consistent monthly decline. This resulted in a new all-time low in just 12 years.Existing home sales dropped to just 4 million units in January, which was its lowest level since October 2010. Median home prices increased by 10.2% in 2022, according to the National Association of Realtors, but KPMG economists think that 2023 could see a 20% drop in home prices. The economists estimate that the largest declines can be felt in Boise, Los Angeles, Pheonix, and San Francisco.See flow at unusualwhales.com/flow.Other News:US home sales were down by 36.9% YOY in January, reaching their 12th consistent monthly declineMedian home prices spiked 10.2% in 2022, but KPMG economists say there could be a 20% drop in home prices in 2023Resources:The New York Fed

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