Reef Daily | November 24 2024
Mortgage Rates
Current rates as of November 24, 2024:
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
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/Further Reads:
[1] How are mortgage rates affecting housing demand?
[2] Current Mortgage Rates: November 22, 2024 | Money
[3] Dealmakers: Notable commercial real estate transactions — April-June 2024 - UPSTATE BUSINESS JOURNAL
[4] Festive Season 2024: Over Rs 1000 cr sales! Mumbai's property market soars 22% YoY - - Real Estate | ET Now
[5] 100 Feet Road in Bengaluru’s Indiranagar tops Asia Pacific region for retail rental growth: Report | Bangalore News - The Indian Express
[6] Today's Mortgage Rates | Rates Hold Steady as Markets Wait for More Data