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Rates & Financing

> Mortgage Rates as of 11/06/024

Property Management

> How to Handle Lease Violations

When signing a lease with a tenant it is best practice to go over every clause of the lease with them to increase the understanding they have of the rules. Even after doing this you will have lease violations eventually. When there is a lease violation human nature for most people is to either not address it or over react, neither is ideal. If we do nothing we are bound to have worse and more expensive violations later. An emotional overreaction could damage the relationship and could even have liability for evicting someone in an improper way. 

We have found it best to try and take emotion out of the equation. The best way to do this is to quote the lease. If the tenant has a guest over and is smoking on the property we quote the lease saying what the fine is in the lease and that breaking the lease is grounds for eviction. A firm hand to help them understand that the lease will be followed will most likely stop future violations, but we don't need to go through an expensive eviction process for a tenant that might be a great tenant moving forward. Following the lease to the letter will also help us add and tweak things in the lease moving forward. For help managing lease violations with less emotion contact us today.

Headlines & Insights

Featured Story

> Mortgage Rates Expected to Rise Following Trump’s Election Victory

With Donald Trump securing a second nonconsecutive presidential term, financial markets reacted swiftly, pushing up the 10-year Treasury yield—a key influencer of mortgage rates—which could lead to higher borrowing costs for homebuyers.

Main takeaways:

• Mortgage rates are set to rise with the 10-year Treasury yield jumping to 4.47% after Trump’s win, as bond markets respond to anticipated fiscal policies that could increase inflation and government borrowing.

• Investors fear that policies like potential tax cuts, increased tariffs, and a large-scale deportation plan may drive up the deficit, pushing bond prices down and yields up, making mortgages more costly.

• Congressional control will influence the trajectory of mortgage rates: a Republican House and Senate could sustain higher rates, while a divided Congress might temper the rise by requiring bipartisan fiscal moderation.

More News and Reports

> Salt Lake City Unveils Support Programs for Renters

Salt Lake City has introduced a Tenant Resource Center and a Relocation Assistance Fund as part of its commitment to preventing displacement and enhancing affordable housing. These initiatives are designed to provide crucial support to renters, including eviction assistance and financial aid for those displaced by housing developments.

> Seasonal Rent Reductions Follow Annual Trends

In October 2024, U.S. apartment rents saw a slight year-over-year increase of 0.3% and a typical seasonal drop of 0.4% from the previous month, as reported by RealPage Market Analytics. This seasonal dip reflects the annual trend of rent cuts during the colder months aimed at maintaining occupancy. Despite these cuts, the year-to-date data shows a 1.3% increase in rents nationally.

> Provo to Develop Affordable Housing for Essential Workers

Provo, Utah, is taking significant steps to address housing affordability for essential workers by planning the construction of 74 new housing units priced below market rates. Set to complete by 2026, this initiative targets police officers, firefighters, teachers, and nurses, aiming to create a diverse and stable community.

> Election Outcome to Shape Future of Mortgage Rates Post-Jobs Report

November’s job report showing only 12,000 new jobs—significantly below expectations—might slightly lower mortgage rates, though rates are expected to stay high until after the election due to tariff and government debt concerns. The Federal Reserve is predicted to make a modest rate cut soon, with another possible in December, influenced by today's weak job figures and upcoming election results.

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