Friday Mortgage Minute, Issue 96
Hello Friends,
Today is National Pet Day, April 11th. Let’s face it—if you’re a pet owner, every day is a celebration of your furry, feathered, or scaly friend! So, take a moment to pamper your pooch, spoil your snake, or share some catnip with your cuddly feline. These cherished companions don’t just brighten your days—they also improve your health. Over the past decade, the National Institutes of Health (NIH) has been conducting research on the physical and mental benefits of owning a pet. The findings are heartwarming: pets not only capture our hearts but also promote cardiovascular health by reducing cortisol, cholesterol, and blood pressure levels.
Now, about the health of mortgage loan rates, they have experienced fluctuations throughout this week. Mortgage rates in Wake County, North Carolina currently vary depending on the loan type and term. For example, rates for a 30-year fixed loan are around 6.45%, while a 15-year fixed loan is approximately 5.56%, and a 5-year ARM is about 6.62%. Rates can fluctuate based on market conditions. These rates are still a decline, compared to February 2025.
Mortgage Minute
Mortgage Rates Are Actually MUCH Higher This Week By Matthew Graham - This article is not intended to report on the weekly Freddie Mac rate survey, but we'll have to reference it in order to participate in reality. To be fair, Freddie's survey is perfectly real, but it's unfortunately quite stale. That isn't always a problem, but it is today. Freddie reports that this week's mortgage rates fell to 6.62 from 6.64. Per survey methodology, that's the average rate between last Thursday and yesterday. The issue is that there's been a lot of upward rate movement during the past few days--more than enough to see that today's rates are significantly higher than anything seen last week, or last month, for that matter. The average lender is up about 0.30-0.35% from the end of last week.
Wild Ride For Mortgage Rates, Should Spill Into Tomorrow Too By Matthew Graham, Wed, Apr 9 2025 - For anyone remotely tuned into financial news, it will come as no surprise that this has been a crazy week and today has been a crazy day. This is just as true for stocks as it is for the bond market that dictates interest rate movement. Overnight, stocks and bonds both deteriorated substantially. When it comes to bonds, that means prices moved lower and yields (another word for "rates") move higher. In other words, bond yields tend to move in the same direction as mortgage rates, and both were up BIG this morning. In fact, the average top tier 30yr fixed rate was all the way up to 7.0% for the first time since February 19th. In not so many words, the implementation of higher tariffs has been behind the weakness in markets. With that in mind, it's no surprise to see a massive reversal in markets this afternoon after the Trump administration announced a 90 day pause on new tariffs for all countries but China. Click link above to read more.
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Real Estate
Durham blocks another large housing project By Kayli Thompson – A homebuilder's proposal for a new subdivision has been rejected by the Durham City Council. On Monday, M/I Homes (NYSE: MHO) saw its annexation petition for Sheffield Farms fail with a vote of 2-5. The request was to bring 218 acres into the primary corporate limits and then change the zoning from residential rural to planned development residential. Since the annexation motion didn’t pass, the council couldn’t vote on the zoning map change. Click link above to read more.
North Carolina city continues to get in on mixed-use action with new proposal By Ben Tobin – A growing area could soon add another mixed-use development with housing and commercial space. Moore Properties HL Inc., a group tied to Moore County-based Legacy Home Construction, is proposing a mixed-use development called "Porter's Landing" on more than 34 acres at 1005 W. Raleigh St., according to application materials submitted to the Sanford/Lee County/Broadway technical review committee. Legacy Home Construction purchased the property for $2 million in January, according to Lee County deed records. Click link to continue reading.
Best Time to Sell Right Around the Corner By Realtor.com - Sellers who list April 13-19 could potentially make $4,800 more, sell their home nine days faster and have 13.2% less competition on average, Realtor.com said. In a challenging real estate market, timing can make a difference and this year, according to the Best Time to Sell report from Realtor.com, the optimal time when sellers are likely to find the ideal balance of market conditions is April 13 - April 19. If 2025 follows the previous years' seasonal trends, sellers who put their home on the market during this week could potentially get an average of $27,000 more on their home sale, sell faster and see more buyers in the market when compared to the start of the year. "Spring is typically a good time to list your home, and at a time when policy changes and economic turning points create questions and uncertainty, it can be helpful to focus on what we do know," said Danielle Hale, chief economist, Realtor.com. "Very predictably, homes listed in the spring tend to be priced higher and sell faster than the average week throughout the year. While tariffs and inflation continue to be concerns that could dampen buyer and seller confidence, harnessing the seasonal trends in real estate is a proactive way to navigate what's ahead." Click link above to continue reading.
Grow Your Business
10 Must-Attend Real Estate Conferences & Events in 2025 By Jolina Avila - Top-performing real estate professionals show up to the right events, so I’ve compiled popular national real estate conferences, as well as regional conventions as a bonus, from March 2025 onward. These will help you network, gain industry insights, and stay ahead. I’ve also added some tips to help you make the most out of networking opportunities. Click for full list:
*If an article is locked and you’d like a PDF copy, let me know and I’ll send your way
Networking Opportunities
A great place to network.
Durham’s tallest rooftop restaurant is now open. Yes, you can see the Bulls play By Drew Jackson - A new spectacular restaurant view just dropped in downtown Durham. The Lenny, the latest restaurant from Charlie and Joel Ibarra, just opened 11 floors up in the Durham skyline. The new restaurant takes over the rooftop of the 555 Mangum building, overlooking the Durham Bulls Athletic Park just beyond the right field fence. Yes, you can watch baseball while you sip Prosecco. You might even be looking down on the stadium’s weekend game fireworks show. Click here to read more.
The “Friday Mortgage Minute by DeVane Newsletter” includes contributions of summary reports and personally researched information. These insights are sourced from reputable news outlets such as News & Observer, Triangle Business Journal, Mortgage News Daily, WRAL TechWire, CNN, NY Times, HousingWire, and others. It’s important to note that Patricia DeVane receives no compensation for mentioning events or services in this newsletter. The content is purely intended to share current knowledge about the mortgage and real estate environment.
