Real Estate

Finally the Long Term Mortgage Rates Stop Rising

After nine straight weeks of increases, long-term U.S. mortgage rates fell this week.

Mortgage buyer Freddie Mac said Thursday the rate on 30-year fixed-rate loans declined to an average 4.20 percent from 4.32 percent last week. That was still sharply higher than a 30-year rate that averaged 3.65 percent for all of 2016, the lowest level recorded from records going back to 1971. A year ago, the benchmark rate stood at 3.97 percent.

The average for a 15-year mortgage eased to 3.44 percent from 3.55 percent last week.

Mortgage rates surged in the weeks since the election of Donald Trump in early November. Investors in Treasury bonds bid yield rates higher because they believe the president-elect's plans for tax cuts and higher spending on roads, bridges and airports will drive up economic growth and inflation.

$54 Million Land Deal, Russian Billionaire Makes Another Big Bet With Miam

Russian billionaire Vladislav Doronin has paid $54 million for a waterfront two-acre parcel of land in Edgewater that belongs to a Catholic monastic order.

The site extends half a block west from Biscayne Bay between Northeast 27th Street and Northeast 26th Terrace. It sits directly north of a planned 57-story condo tower called Missoni Baia being developed by Doronin’s OKO Group, which has invested heavily in Miami real estate over the last two years.

In 2014, he paid roughly $40 million for the larger Missoni parcel. The price jump for the new purchase is a testament to the scarcity of waterfront land in and around Miami’s urban core.