“Along with a general cooling in home price growth, rates falling below 6.5% made August the most affordable month for housing since February.”
–ICE Vice President of Research and Analysis Andy Walden
Category: News and Trends
Dealmaker: Walker & Dunlop Refinances $1.2B for One High Line in Manhattan
Walker & Dunlop, Bethesda, Md., arranged a $1.2 billion refinancing for One High Line, a mixed-use property located along Manhattan’s iconic High Line adjacent to the Meatpacking District.
Redfin: Florida, Texas Condo Markets Struggle
Redfin, Seattle, released a recent report looking at condo activity in Florida and Texas amid growing insurance and HOA costs. In major metro areas in both states, inventory is increasing, but pending sales are dropping, the report noted.
Affordability Improves for Second Month, but Home Buyers Shrug–Mark Fleming from First American
Nationally, affordability improved on a monthly basis for the second consecutive month in July, driven by lower mortgage rates and positive income growth. However, on an annual basis, affordability remains nearly 2 percent lower than one year ago.
Quote: Sept. 4, 2024
“Most mortgage rates moved lower last week, with the 30-year fixed rate edging down slightly to 6.43%. Purchase applications increased more than 3% over the week and are inching closer to last year’s levels, with government purchase applications leading the increase.”
–Joel Kan, MBA’s Vice President and Deputy Chief Economist
Mortgage Applications Increase in Latest MBA Weekly Survey
Mortgage applications increased 1.6% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending Aug. 30, 2024.
mPact Congratulates Residential Young Professionals Spotlight Award Winners
Five young professionals were recently honored with mPact’s Residential Young Professionals Spotlight Award.
Brett Benson From Rocktop: Harnessing the Full Potential of the Mortgage Capital Markets
Imagine a day when the mortgage and other fixed-income markets operate like transparent and seamless exchanges. That’s the vision of Brett Benson, Co-President and Chief Investment Officer of Rocktop.
RentCafe Names Overland Park, Kan., as July’s Most Attractive Rental City
RentCafe, Santa Barbara, Calif., found Overland Park, Kan., was the top city for renters’ interest in July, the second time this year it has unseated perennial favorite Minneapolis.
Construction Spending Falls on a Monthly Basis in July, Census Bureau Reports
Construction spending in July was estimated at a seasonally adjusted annual rate of $2,162.7 billion, 0.3% below the revised June estimate, but 6.7% above the July 2023 estimate, the U.S. Census Bureau reported.