Reef Daily | December 12 2024

Housing Market Update

Latest Market Data (December 12, 2024)
Mortgage applications increased by 5.4% for the week ending December 6, indicating growing market confidence. On a non-adjusted basis, the Market Composite Index rose by 50%[6].

Mortgage Rates

Current rates as of December 12, 2024:

Type	Rate
30-year fixed	6.73%
15-year fixed	6.03%
30-year VA	5.72%

Rates decreased across all major loan categories, with the 30-year fixed rate dropping 6 basis points from last week's 6.79%[1][3].

Notable Transactions

Commercial Highlights

• Restaurant property on Broadway in Quincy sold to SVC1, LLC for $2.6 million[5]
• TBRK Properties sold retail establishment at 125-127 N. Sixth in Quincy to AKP Premier Properties for $835,000[5]

Regional Activity

Midwest:

• Michael Jordan's Highland Park mansion in Illinois sold for $9.5 million after 12 years on market. The 32,683-square-foot property includes 9 bedrooms, 19 bathrooms, and an indoor basketball court[9]
• Multiple residential transactions in Adams County, Illinois, ranging from $40,000 to $348,000[5]

Market Indicators

Inventory Trends
Mortgage rates have remained stable despite November's higher inflation data, with investors anticipating Federal Reserve rate cuts in the coming week[4].

Future Forecasts
Rates are expected to continue declining as the Federal Reserve prepares for potential rate cuts, with the next Fed meeting scheduled for December 18[2].

Regional Developments

Midwest
Adams County, Illinois saw significant real estate activity with multiple residential and commercial transactions, including an 86.5-acre land sale for $683,587 and an 80-acre property sale for $440,000[5].

Sources: [1]
Today's Mortgage Rates Fall Again - December 12, 2024 [2]
Mortgage and refinance rates today, December 12, 2024: 30-year rates drop for 3rd consecutive week [3]
Rates go down - Today's mortgage rates, December 12, 2024 [4]
Today's Mortgage Rates | Rates Are Flat, Even as Inflation Ticks Up [5]
Real estate transfers in Adams County from Dec. 2-6, 2024 [6]
Mortgage Applications Continue Rising Trends [7]
UK House Price Trends & Predictions December 2024 - NerdWallet UK [8]
Event December 12 | PROFILEconnect: The Miami Commercial Real Estate Market Outlook [9]
Chicago Bulls legend Michael Jordan's Highland Park mansion officially sold for $9.5 million after 12 years, Compass listing shows

Sources

This newsletter is for informational purposes only and should not be considered as financial advice.