Memphis Real Estate News
Memphis
Total U.S. Commercial Mortgage Debt Rises to $4.7 Trillion in Q1
Based on the Mortgage Bankers Association's latest Commercial / Multifamily Mortgage Debt Outstanding quarterly report, the level of commercial and multifamily mortgage debt outstanding in the U.S. increased by $40.1 billion (0.9 percent) in the first quarter of 2024.
U.S. Mortgage Rates Dip Below 7 Percent, First Time in 5 Weeks
Based on Freddie Mac's latest Primary Mortgage Market Survey for the week ending May 23, 2024, the 30-year fixed-rate mortgage averaged 6.94 percent.
Record High Monthly Housing Payments Put Chill in U.S. Spring Selling Season
Based on new data from Redfin, the median U.S. monthly housing payment hit an all-time high of $2,894 during the four weeks ending May 5, 2024, up 14% from a year earlier, and home prices rose 4.5% to their own record high.
Record High Multifamily Construction Deliveries Drive Vacancy Rates Higher
According to CBRE's latest research, the U.S. multifamily market experienced a surge in new construction deliveries in 2023, leading to a slowdown in rent growth.
