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Rate locks on mortgage loans eligible for sale to Fannie Mae and Freddie Mac accounted for less than half of total lock activity for the third straight month in June, according to updated market data published Thursday by Optimal Blue. In contrast, nonconforming rate-lock share continued to climb, rising to 19.3% of activity in June…
Mortgage rates are a little higher this morning and could keep going up as the U.S.-Iran ceasefire appears to have fallen apart. The “are a little higher” happened because the United States resumed strikes on Iran yesterday in response to reported Iranian strikes on ships in the Strait of Hormuz. The “could keep going” is…
American consumers are increasingly pessimistic about their job prospects, according to new Conference Board data. The June installment of the board’s Employment Trends Index (ETI), released Monday (July 6) showed that the share of consumers who reported that “jobs are hard to get” climbed to 22.5% last month, its highest level since January 2021. Meanwhile,…
A recent working paper from the Federal Reserve Bank of Dallas found that the surge in illegal immigration under former President Joe Biden contributed to higher home prices and rents across U.S. cities. The 65-page draft paper, written by economists Daniel J. Wilson and Xiaoqing Zhou, maintains that between 2021 and 2024, an “unprecedented boom…
🏆 New Building: The largest new building application filed last week was in Queens. EMP Capital Group plans to construct two buildings at 35-13 Steinway Street and 35-08 41st Street in Long Island City that would span a combined 183,876 square feet. The Steinway Street building would stand 19 stories tall and house 99 apartments;…
SDC Capital Partners has signed a new office lease just south of Manhattan’s Union Square, Commercial Observer has learned. The global digital infrastructure investment firm is taking 22,531 square feet of office space at Savanna’s 799 Broadway, according to a source with knowledge of the deal. The lease seems to represent a minor relocation for…