High Interest Rates, Construction Costs Are Serious Impediments for New Multifamily Development
High interest rates and construction costs are the most serious impediments for new multifamily development according to the Q1 2024 MMS.
High interest rates and construction costs are the most serious impediments for new multifamily development according to the Q1 2024 MMS.
Confidence in the market for new multifamily housing declined year-over-year in the first quarter of 2024, according to results from the Multifamily Market Survey (MMS).
Per the Mortgage Bankers Association’s (MBA) survey through the week ending May 3rd, total mortgage activity increased 2.6% from the previous week, and the average 30-year fixed-rate mortgage (FRM) rate fell 11 basis points to 7.18%. The 30-year FRM has risen 17 basis points over…
According to the latest press release from Freddie Mac, the average rate on a 30-year fixed-rate mortgage has now risen to approximately 7.25%. As the data posted on NAHB’s priced-out web page shows, at this rate only about 27.5 million (out of a total of…
According to the Federal Reserve Board’s April 2024 Senior Loan Officer Opinion Survey (SLOOS), lending standards loosened further for all commercial real estate (CRE) loan categories and residential real estate (RRE) categories in the first quarter of 2024. While the Federal Reserve left the federal funds rate…
In March, residential building workers’ wages continued to grow but at a relatively slower pace. After an acceleration of a 6.2% increase in the previous month, the year-over-year (YOY) growth rate for residential building worker wages slowed to 5.1% in March. According to the Bureau…