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Morning Brew Daily
Meta’s Most Advanced AR Glasses Ever & Everyone is Refinancing Their House
Sep 26, 2024
Meta unveils its advanced AR glasses, potentially replacing smartphones, during their annual conference. The discussion shifts to economic policies proposed by Harris and Trump, aiming to enhance American manufacturing. Homeowners are rushing to refinance as mortgage rates drop amid a lackluster housing market. Insights from Argentina’s economic struggles and Oakland's emotional goodbyes to its sports teams also come into play. Lastly, changing dining habits lead to restaurants adjusting their portion sizes to match consumers' new preferences.
32:22
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Quick takeaways
- Meta's introduction of Orion AR glasses signifies a potential shift away from smartphones, highlighting their focus on mixed reality innovation.
- A surge in refinancing applications reflects homeowners capitalizing on lower mortgage rates, while high home prices and low inventory stifle new purchases.
Deep dives
Mortgage Rate Trends and Housing Market Outlook
Mortgage rates have recently decreased, with the average 30-year fixed rate falling to 6.09%, marking the lowest level since February 2023. Despite this decline, home prices remain high and inventory is significantly lower than pre-pandemic levels, keeping the housing market largely inactive. Most of the activity in the mortgage sector is occurring in refinancing applications, which have surged, accounting for more than 57% of all applications as homeowners take advantage of lower rates. The persistently high housing prices and low inventory indicate that while refinancing is booming, home buying remains stalled as many choose to stay put due to their existing low mortgage rates.
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Discover
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