- The Canovo Report
- Posts
- Mortgage Rates Surge - Fed Hints Higher For Longer
Mortgage Rates Surge - Fed Hints Higher For Longer
Orem Fourplex Listed for Only $218k/unit: Logan Fourplex Listed for $675k: Ogden City Limits Multi-Family Development

New Listings
> Our team has analyzed these deals using our custom bulk property analyzer. If you’d like more detail regarding any of these listings, click the links below.
Canovo Group may not be the listing brokerage for the above properties. The information provided is not guaranteed and should not be relied upon to make investment decisions. Buyers should complete their own analysis and due diligence before making any investment.

Sold Listings
> Here's a roundup of multifamily properties sold over the past week. We've estimated their selling cap rates using our bulk analyzer.


Utah Market Snapshot
Type | YTD Median Sold $/Sq Ft | YTD Total Sold Listings |
---|---|---|
Multi-Unit (2+ Units) | +5.39% | +11.99% |
Single Family | +3.20% | +2.85% |
> Multi-Unit (2+ Units): Sold Listings and Median Sold Price Per Sq Ft

Sold Listings is up 11.99% YTD going from 367to 411.
Median sold price per square foot is up 5.39% YTD going from 239 to 252.
> Single Family: Sold Listings and Median Sold Price Per Sq Ft

Sold listings is up 2.85% YTD going from 28,949 to 29,774.
Median sold price per square foot is up 3.20% YTD going from 225 to 233.

Rates & Financing
> Mortgage Rates as of 10/23/024


Source: Mortgage News Daily

Property Management
> How important is a security deposit?
When most people think of a security deposit they think of a small amount of money that helps in the case of damage to the property.
We think of it a little different. We charge a security deposit and last month’s rent up front. When you then take into account that the tenant has to then pay first month's rent when they move in, that means they had saved over 2 and a half months of rent.
You might think that is a lot of money that we require of them and you are right. In fact we believe it is the most important qualifying factor for our prospective tenants. A tenant that has the habit of saving money and doesn’t live on the edge is much more likely to pay rent every month and be able to handle financial hiccups that come along.
This also gives the property owner insurance against a broken lease and any damage to the property. Some tenants will treat the property better if they know you have a big chunk of their money.
Let us know if we can help with your property management needs today.
Get professional property management for only $39/unit. Learn more.

Headlines & Insights
Featured Story
Ogden city leaders approved a zoning change to restrict apartment developments along major traffic corridors, aiming to preserve these areas for commercial use and encourage more single-family housing.
Main takeaways:
The new zoning policy directs multifamily housing projects away from high-traffic roads like Wall Avenue and 12th Street, focusing instead on walkable areas with parks and community amenities.
Mayor Ben Nadolski and city officials believe this shift will balance the city's housing needs, addressing concerns over an oversupply of apartments and a lack of single-family homes.
As Ogden updates its general plan, city leaders are actively seeking community input to ensure a balanced approach to future development, with public meetings planned to gather residents' feedback.
More News and Reports
Mortgage rates have abruptly risen to their highest levels since July, nearly approaching 7% for top-tier 30-year fixed loans. This sharp increase has left many seeking explanations, with potential factors ranging from shifting election odds to U.S. deficit concerns. However, a clear cause for this rapid rise remains elusive, adding to the frustration for borrowers and lenders alike.
Treasury yields have surged as Federal Reserve officials hint at potentially higher long-term interest rates. After a steady decline in expectations, recent speeches by Fed officials have prompted a sharp rise in the 10-year Treasury yield, signaling a shift towards extended monetary tightening. This change is influenced by a mix of economic strength, inflation risks, and concerns over labor market stability.
Mortgage lenders see significant benefits in simplifying and standardizing descriptions of closing costs, which have risen considerably in recent years, challenging many first-time and lower-income homebuyers. A recent survey reveals that while 60% of lenders can estimate these costs easily, explaining them to borrowers is not as straightforward. Standardizing these costs could enhance transparency, reduce compliance costs, and facilitate comparison shopping for consumers.
Rep. Ray Ward of Utah believes that recent state housing legislation hasn't effectively addressed the housing crisis and proposes reducing municipal zoning authority to allow more small, affordable homes. This move, aimed at making housing more accessible, faces opposition from other lawmakers and the Utah League of Cities and Towns.
What did you think of today's report? |


David Robinson
Principal Broker/Managing Partner
Whenever you’re ready, there are a couple of ways I can help you:
1. Buy The Best Multi-Unit Properties in Utah:
Skip the competition and discover exclusive off-market and top-performing multi-unit properties tailored to your investment goals.
2. List Your Multi-Unit Property for Sale
List your multi-unit property on the Utah MLS and dozens of other websites through our brokerage and save thousands with our flat fee MLS listing.
