We're a NYC condominium blog here at New Construction Manhattan, which means that we spend much of our time and nearly all of our pixels covering -- wait for it -- NYC condominiums. Which is cool by us, certainly, given that NYC condos are kind of our thing, but also means that we've been glossing over what is one of the biggest stories in NYC real estate, as well as in real estate across the country. Namely, that would be the tumbling rates on 30-year fixed-rate mortgages, which -- unless you're Alex Rodriguez, Mark Zuckerberg or someone who keeps several million dollars in cash on hand -- is what just about everyone who buys a NYC condominium will be signing on for after finding the Manhattan apartment of his or her dreams. Nearly every day brings news of a decline in the rates on a 30-year fixed-rate mortgage, to the point where it's difficult to keep up. When the Wall Street Journal wrote back in August about the historic lows in mortgage rates, it was a big deal; when those historic lows had dropped nearly another tenth of a point two weeks later, though, it was hardly a surprise.

Finding an apartment or condominium in Manhattan doesn't necessarily have to be difficult -- if you're already at New Construction Manhattan, you've probably already figured that out. But paying for that NYC condo or apartment... that is another story. But while paying for a new condominium in Manhattan will never be as much fun as finding a new condominium in Manhattan, some encouraging news out of Albany today promises to make buying a NYC condo that much easier, at least for first-time home buyers. Federal funds administered by the State of New York Mortgage Agency have made possible a slew of new, low-interest/low-down-payment mortgages for first-time home buyers in New York, the New York Times reports.

Mortgage markets reeled Wednesday after the Federal Reserve released the minutes from its January 26-27, 2010 meeting. Mortgage rates in Manhattan are now creeping up to their highest levels since the start of the year. The Fed Minutes is a follow-up document, delivered 3 weeks after an official FOMC meeting. It’s a companion piece to the post-meeting press release, detailing the debates and discussions that shaped our central bankers’ policy decisions. The Minutes also offer a terrific look into the Fed’s collective mind, and they make it clear that, on Wednesday, Wall Street didn’t like what it saw. Specifically, the report disclosed that:

On November 6, 2009, President Obama signed a bill to extend the tax credit for first-time homebuyers (FTHBs) through June 30, 2010. The bill also opens up opportunities for others who are not buying a home for the first time. Here are some frequently asked questions about this new law, and some answers you'll very much want to know before buying a new condominium in Manhattan.

In the week ending July 3, mortgage rates rose 10.9%, more than making up for the feeble previous week. More details (and more encouraging figures) here: Mortgage applications rebound.

Demand for mortgages to buy homes and refinance loans bounced from seven-month lows last week, with average 30-year borrowing rates unchanged, the Mortgage Bankers Association said on Wednesday. The industry group's total loan applications index rose a seasonally adjusted 10.9% to 493.1 in the week ended July 3, after slumping the prior week to the lowest level since November.