According to Freddie Mac's latest Primary Mortgage Market Survey, the average U.S. mortgage rate dropped in mid-July, after two straight weeks of increases.
Sean Becketti, chief economist at Freddie Mac, "Continued economic uncertainty and weak inflation data pushed rates lower this week. The 10-year Treasury yield fell 5 basis points this week. The 30-year mortgage rate moved with Treasury yields, dropping 7 basis points to 3.96 percent."
Freddie Mac News Facts:
30-year fixed-rate mortgage (FRM) averaged 3.96 percent with an average 0.6 point for the week ending July 20, 2017, down from last week when it averaged 4.03 percent. A year ago at this time, the 30-year FRM averaged 3.45 percent.
15-year FRM this week averaged 3.23 percent with an average 0.5 point, down from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 2.75 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.21 percent this week with an average 0.5 point, down from last week when it averaged 3.28 percent. A year ago at this time, the 5-year ARM averaged 2.78 percent.
According to JLL, office space users preferred Midtown's Class A buildings by a wide margin, claiming 24 of the top 26 transactions in the submarket in 2017.
2017 was a year of large deals for Manhattan's office market for securing space larger than 100,000 square feet, including 11 transactions of greater than 250,000 square feet.
According to Zillow, rising U.S. housing rents are eating up an increasingly large share of American incomes, costing the typical renter $2,000 per year.
San Francisco, which has been the nation's least affordable housing market for nearly five years, was supplanted by Los Angeles in the third quarter of 2017.
The Mortgage Bankers Association (MBA) projects commercial and multifamily mortgage originations in the U.S. will increase in 2017, ending the year at $515 billion, up 5 percent from the 2016 volumes.
Nearly 1.4 million (1,367,793) U.S. residential properties (1 to 4 units) were vacant as of the end of the third quarter of 2017 -- representing 1.58 percent of all U.S. residential properties.
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