November 23 2024
Reef Daily
Reef Daily | November 23 2024
Mortgage Rates
Current rates as of November 23, 2024:
Type | Rate |
---|---|
30-year fixed | 7.048% |
15-year fixed | 6.397% |
30-year VA | 6.84% |
Future Forecasts
Recent economic data has shifted expectations for 2025 mortgage rates. Fannie Mae now projects rates to fall to 6.30% by end of 2025, while the Mortgage Bankers Association forecasts 6.40%.
Notable Transactions
Commercial Highlights
- A 50-story residential tower planned in Miami's Art & Entertainment District, featuring 378 units and 1,150 square feet of commercial space
- Fortress Investment Group acquired Design Center of the Americas (DCOTA) for $76 million and Le Méridien Dania Beach hotel for $30 million through auction
- Major Denver apartment sale: Tennyson apartment building sold for $24.4 million
- Castle Pines development sold for $101 million, featuring 154 villa-style homes and 60 townhomes
Regional Activity
West:
- Steamboat Springs area recorded $42.5 million in transactions across 24 sales, including an $8.47 million luxury duplex sale
Market Indicators
Inventory Trends The number of homes actively for sale increased by 34.0% compared to last year, reaching the highest level since April 2020.
Buyer Demographics Total pending home sales showed a 3.5% increase compared to last year, indicating some sidelined buyers are returning to the market as rates have moderated.
Regional Developments
Northeast Limited notable activity in past 24 hours.
Midwest Limited notable activity in past 24 hours.
South Miami seeing significant commercial development activity with new residential tower plans.
West Colorado market showing strong luxury property movement, particularly in resort areas.
Sources/Read More:
September 2024 Monthly Housing Market Trends Report
Mortgage Predictions: How the Election Shifted the Path to Lower Rates - CNET
Current Mortgage Rates: November 22, 2024 | Money
Real estate transactions — Nov. 14-20 | SteamboatToday.com
The Pipeline: Commercial real estate deals for 11.22.24 - BusinessDen
Today's Mortgage Rates | Rates May Not Drop as Much as Expected Next Year
Chartiers Valley area real estate transactions, week of Nov. 21, 2024 | TribLIVE.com
50-story tower planned in Miami - South Florida Business Journal
Sources
This newsletter is for informational purposes only and should not be considered as financial advice.
© 2024 Reef Insights. All rights reserved.
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