5 for Friday - Edition 313 (2/21/2025)
5 Local Real Estate Stories and Mortgage News. Every Friday.
Friends,
Welcome to the post-snow edition of the “5 for Friday” newsletter. It’s been a wild few days and I should be writing this from Boone, NC, as my teams “Acorn Club Experience” was supposed to be happening right now. C’est la vie! Will have to wait until Spring to head back to the Rhode’s Motor Lodge and my favorite spots in town like Black Cat Burrito, Appalachian Mountain Brewing, Hatchet Coffee Roasters, and of course, Moses Cone Memorial Park (and the world-renowned Fire Tower climb)!
But what’s up with mortgage rates? Well actually… they are indeed improving. Slowly, but surely. If you look below, it’s nice to see that “6” on Mortgage News Daily’s posted rate. While we are seeing much lower for well-qualified borrowers, it’s good to be on the right track as we head into Spring Market.
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
“If You Can See It, You Can Be It.”
- Shalane Flanagan, NYC Marathon Champ
Mortgage Minute
Mortgage Rates Casually Drift Back to 2 Month Lows - “Thursday was a fairly decent day for mortgage rates with the average lender returning to the lowest levels in just over 2 months. The improvement followed early morning comments from Treasury Secretary Scott Bessent regarding the probable mix of future Treasury debt. What's that got to do with mortgage rates? So much... Mortgage rates are based on mortgage-specific bonds that are in the same extended family as US Treasuries. If Treasuries are like oranges, mortgages are like orange juice--i.e. they're sort of a substitute for some people, but either way, heavily dependent on the price and availability of the former.”
Five for Friday
Townhomes coming as Crabtree Valley Mall area continues to explode - A piece of land just behind Crabtree Valley Mall could finally get developed with 65 townhomes in a project called “Crabtree Village.” Groundbreaking is planned for September. The land is across Crabtree Creek from the east end of the mall, where the Belk store is located. The 2-and 3-story townhomes will range from 1,600 to 2,000 square feet and will be a mix of two- and three-bedrooms.
How will Trump’s tariffs impact NC home building, house prices? What experts say. - In the Triangle, builders say the tariffs could substantially impact their ability to deliver new single-family and multifamily projects. It could also translate into higher home prices. “While these are all national numbers, North Carolina will be impacted proportionately,” said Paul Kane, chief executive of the Home Builders Association of Raleigh-Wake County. However, “it may take some time,” he said. Meanwhile, “it’s unknown whether the tariffs will remain in place, or whether international negotiations will alter that situation.”
Toll Brothers opens luxury 55+ community in Wake County - Toll Brothers has opened Regency at Auburn Station, a master-planned residential community for people 55+. At full buildout, the community will have 174 single-family homes ranging from the $400,000s to the mid-$700,000s. The community, with a Raleigh address, is located east of Interstate 40 near White Oak Crossing in Garner.
3,000 homes, golf course in the works for small North Carolina town - The Board of Commissioners for the City of Oxford in Granville County this month approved a conditional rezoning for roughly 409 acres off Landis, Salem and Tabbs Creek roads. This action paves the way for developer David Chapman of Southbury Development in Pinehurst to create a community with 1,300 single-family lots, 450 townhomes and 120 assisted living units.
1,200-home development emerges in booming area - Mattamy Homes, one of North America's largest private homebuilders, is pitching a neighborhood called Vermillion near the intersection of Colon and Riddle roads northeast of Sanford. Plans for the neighborhood submitted to the Sanford/Lee County/Broadway technical review committee — often the first step before a planning board or governing body reviews a project — call for 1,219 single-family homes across 487 acres. The maximum total density would be 2.62 units per acre.
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