Federal Reserve Chair Jerome Powell signals possible rate cuts in 2024, sending real estate stocks soaring to outperform all other sectors in the S&P 500.
Mortgage rate data revealed worrisome increases, with the average rate on a 30-year fixed mortgage reaching 7.57%, marking the highest level in 23 years. The average rate on a 15-year fixed mortgage also rose to 6.89%, compared to 6.78% the previous week, as reported by Freddie Mac.