Is 7% the new normal for mortgage rates?

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Studies: More buyers of color forced to wait out market | Uncertainties prompt focus on flexible marketing budgets | Pinterest intros new capabilities for brands, agencies

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September 15, 2023

Top News

Studies: More buyers of color forced to wait out market Two new NAR reports reveal the difficulties home buyers are facing across racial and ethnic lines and what can help them on their real estate journey. Full Story: REALTOR® Magazine (9/14)

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Best Practices in Sales & Marketing

Uncertainties prompt focus on flexible marketing budgets

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Advertisers are scrutinizing spending and stretching ad dollars amid inflation and focusing on contingency plans and flexible contracts so they're well-situated to be reactive to looming issues such as COVID-19 outbreaks and the writers and actors strikes, say experts. Rain the Growth Agency's Robin Cohen says, "Clients are going into Q4 with an assumption that it's been a tough year," and notes linear television, streaming and interactive ads are among the most popular formats. Full Story: Digiday (tiered subscription model) (9/13)

Pinterest intros new capabilities for brands, agencies Pinterest announced Premiere Spotlight ads for home feeds, interactive Quiz and Showcase promotions and a plethora of other features for agencies and brands, including more integration with Adobe Commerce and Salesforce Commerce Cloud. Bill Ready, the platform's CEO, told Pinterest Presents attendees that shoppable content has gotten 50% more engagement this year than last. Full Story: MediaPost Communications (free registration) (9/13), Social Media Today (9/13)

Real Estate Trends

Is 7% the new normal for mortgage rates? The reacceleration of inflation is keeping borrowing costs elevated, Freddie Mac says. Full Story: REALTOR® Magazine (9/14)

Mortgage lenders offer 1% down payment, but it has risks With mortgage rates at historic highs, some lenders are enticing buyers with the option of putting down as little as 1% on their homes. While lenders defend these offers as a means to expand access to credit, skeptics warn of parallels to the subprime mortgage crisis, highlighting potential risks—such as negative equity—and concerns about homeowners' ability to repay loans. Full Story: MarketWatch (tiered subscription model) (9/12)

Technology & Innovations

As AI pervades real estate, be wary of misuse, inaccuracies Artificial intelligence has become an integral part of the real estate industry, offering convenience to home buyers and sellers. While AI-powered tools streamline processes and provide valuable insights, industry leaders emphasize the need for oversight and ethical use, ensuring that AI doesn't lead to inaccuracies or misinformation. Full Story: The Boston Globe (tiered subscription model) (9/13)

Business Wellness

Good Neighbor Finalist Karen DeMarco: Feeding hearts and bellies The New Jersey real estate professional tackles food insecurity one big idea at a time. Learn about all 10 finalists vying for NAR's Good Neighbor Awards, and vote for your favorite cause through Oct. 1. Full Story: REALTOR® Magazine (8/31)

Agent who was attacked: I want everyone to hear my story Indiana real estate pro Nina Wiseman shares how she changed her professional practices after being attacked by two men whom she was showing an empty property. Listen to "Drive With NAR: The Safety Series." Full Story: REALTOR® Magazine/Drive With NAR (7/17)

Fair & Equitable Housing

Vermont allocates $55.5M for housing Vermont's state government is directing $55.5 million toward housing initiatives, aiming to address the state's housing shortage and stimulate economic growth within the next few years. The funding will support various housing projects, leveraging additional private investment and aiming to create 1,100 new housing units across a range of income levels, from affordable rentals to home-ownership programs. Full Story: Rutland Herald (Vt.) (tiered subscription model) (9/13)

Legislation & Regulation

Fed unlikely to signal rates have reached peak Partly because of recent inflation data, market participants do not expect Federal Reserve officials to signal that they are done raising interest rates at the conclusion of a policy meeting next week. In addition, James Bullard, former president of the Federal Reserve Bank of St. Louis, says officials might need to lift rate forecasts amid economic resilience and persistent inflation. Full Story: Bloomberg (9/14), Axios (9/14), Reuters (9/14)

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About The National Association of REALTORS®

The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. REALTOR® Magazine is the official magazine of NAR, bringing expert insight to real estate trends, tools, and business strategies.

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