In June, the Fed raised interest rates by 75 basis points, the largest such increase since 1994. Economists expect similar hikes to follow in July and September.
Higher rates mean that financing becomes more expensive, which in turn means that property owners have to extract more money from their buildings to cover costs. At the least, it’s making sales more complicated, with all sides changing things around on the fly.
August 4, 2023
400 new affordable apartments were announced for the Financial District this past week. Roughly a third of the new buildings at 5 World Trade Center, will be set aside for middle- and working-class New Yorkers, with 80 of those apartments earmarked for people who lived and worked near the old World Trade Center as well… Read more »
May 22, 2023
“The mortgage refinancing boom is over, but its impact will be seen for decades to come”. Fed data shows that about 14 million mortgages were refinanced during the pandemic period starting in March 2020. Some 64% were considered “rate refinances,” or homeowners looking to take advantage of lower borrowing costs. Average savings totaled about $220… Read more »
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