5 for Friday - Edition 291 (9/20/2024)
5 Local Real Estate Stories and Mortgage News. Every Friday.
Friends,
The bad news - the Fed rate cut didn’t have immediate impact on mortgage rates.
The good news - rates are better than they’ve been in nearly 2 years and “home buyers are ready to pounce.”
We are seeing 5’s for 30-year fixed FHA and VA loans in most cases and are seeing 5’s on 30 year Conventional loans in some cases, and are even seeing 4’s for 15-year fixed loans. In a better financial situation? Lowering your term can save you thousands of the life of the loan.
Want to know how much you can save? Reach out and let’s see where your break-even point is.
If you have any questions or need a Pre-Approval this weekend, let me know!
Best,
Pat Price | Producing Market Leader
Movement Mortgage
919-260-8013 (Call / Text)
patprice.com (Apply)
calendly.com/patprice (Schedule a Call)
NMLS 103601
Movement Mortgage President's Club + Scotsman Guide Top 1% Lender
Quote of the Day
“You don’t have to knock anyone off their game to win yours.”
- A’Ja Wilson, WNBA MVP
Mortgage Minute
Mortgage Rates Are Actually HIGHER This Week - It's bad enough that far too many people are repeating the false notion that the Fed rate cut was supposed to help mortgage rates. BUT AGAIN, BEFORE you conclude or listen to someone else who has concluded that the Fed's rate cut is responsible for the drop in mortgage rates, please understand that mortgage rates had bottomed out before the Fed rate cut and have moved slightly higher over the past 2 days.
Five for Friday
NC clash between higher density housing and neighborhood preservation lands in court - In the lawsuit, Raleigh builder Steve Sypher argues that the covenant is no longer binding “due to the passage of time” and the North Carolina Marketable Title Act, which helps clear old claims and defects from property titles, reducing the risks for disputes over property ownership. After meeting with a group of residents last year, Sypher calls it “a real and existing controversy.” He wants the declaration removed so that it no longer restricts development. He’s asking a judge to decide.
Big-name builder buys up lots for Johnston County subdivision - Florida-based Mattamy Homes purchased 69 lots for a subdivision called "The Preserve at Reedy Creek" earlier this month for a little more than $6.45 million, according to Johnston County deed records. The lots cover 82 acres in central Johnston County off Raleigh Road. The land has a Benson address. The developer for the neighborhood is Pintail Development, a group tied to active Triangle-area developer Bradley Stancil. Stancil previously told Triangle Business Journal that homes for the neighborhood would start selling at $500,000, and that construction would begin in the fourth quarter of this year.
Raleigh townhomes to be razed for new apartments - Raleigh developer Arboretum Partners has filed site plans with the city for a 280-unit apartment building off Wake Forest Road north of Mordecai Historic Park and the Historic Oakwood neighborhood. Currently on-site are The Mordecai on Clover townhomes, which has 57 townhomes with two bedrooms each and a handful of amenities. The property at 405 Clover Lane was rezoned in 2023 to allow for higher density and up to five stories of development.
On charge she made false claim to $4.5 million home, woman gets $150,000 bond - In August, a deed with the accused’s name on it was filed with the Wake County Register of Deeds, claiming she was the owner of Adams' home. Most puzzling of all, the accused allegedly didn’t have to provide any proof of ownership before having the deed recorded – something the homeowner says needs to change.
9 Renters Competing for Each Vacant Unit in The Triangle, Even With 1.81% New Apartment Growth - The Triangle saw the biggest growth in new apartments compared to the Piedmont Triad and Charlotte, with a 1.81% increase. That’s more than double the national average of 0.71% and well above last year’s 1.09% increase.
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