December 12 2024
Reef Daily
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.
© 2024 Reef Insights. All rights reserved.
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