Articles on Mortgage Rates

New Mortgage Rules Promise "Financial Colonoscopy" For NYC Condo Buyers

Browsing Manhattan apartment listings is easy, but buying a Manhattan apartment is -- understandably, reasonably, and inevitably -- a much more complicated enterprise. There are many reasons for this, but the simplest and most obvious would be that, while it's free to browse NYC condos at New Construction Manhattan, it costs significantly more to actually buy an apartment in Manhattan.

At Any Rate: With Mortgage Rates On The Rise, Is The 4% Mortgage A Thing Of The Past?

Are 4% mortgages a relic from another era?As you have probably noticed, we spend most of our time here at New Construction Manhattan blog pondering the ups and downs of the Manhattan condo market. This means all kinds of chatter and gossip and so on about various NYC condominium listings and rising neighborhoods and new buildings and so on. But at some point, all of that fun stuff comes back to something decidedly less exciting -- the mortgage rate. The impact of those rates on all these condo listings isn't hard to figure out -- the lower the mortgage rate is, the more appealing an investment a Manhattan apartment comes to seem. All of which means that, when mortgage rates dipped to record lows just a few months ago, we did everything short of pop champagne at the prospect of how much easier 4.17% fixed-rate mortgages would make it to purchase a Manhattan apartment. Today, with rates climbing at a rapid clip and most forecasters predicting that they will continue to do so throughout 2011, it would stand to reason that we'd be somewhat less bullish on the NYC real estate market for the coming months.

Free Falling: What Tumbling Rates on Fixed-Rate Mortgages Mean For People Buying NYC Apartments

MortgageWe'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.

Are Mortgage Rates Getting Set For A Spike?

New York City Mortgage Rates to Rise?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:

Under Further Review: Feds Taking Second Look at FHA Condo Standards

closeIt's complicated. It always is. But the big takeaway from recent statements by Federal Housing Administration commish David Stevens was that the FHA is planning a tightening of standards, which could in turn make it harder for first-time home-buyers to get financing through the FHA's low-down-payment mortgage program. This is news for those looking to buy condominiums in New York City and elsewhere, obviously, but it's not entirely clear just what kind of news this is, just yet. In the Boston Globe, attorney Richard Vetstein delivers some real talk on the likely effects of the tightening regs.

That's Superior: Penthouse at West Village's Superior Ink Goes for $25 Million

Superior Ink in the West VillageIt's one thing to buy a penthouse apartment in a luxury high rise. People do this every day, and of course more power to them on that. But it's kind of eye-opening when a penthouse sells for $25 million in cash, as The Real Deal reports just occurred at the West Village's Superior Ink.

After Tough Week, New Home Mortgages Surge Back

dollarIn 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.

Why Manhattan Real Estate Buyers Should Take Advantage Now

Manhattan real estate Investment

Judging by these figures, even Manhattan is starting to feel the pinch. This means it's a pretty bad time to buy Manhattan real estate, huh? Not exactly...

The current financial climate is bad for builders...

Inventory is piling up. Buildings are hard to move. There's little urgency for new buildings. Loans are becoming a real sticking point. Buyers with serious money are getting, well, picky!

...But good for buyers!