Weekly Interest Rate Overview

The Markets. Rates on home loans eased down in the past week. Freddie Mac announced that for the week ending October 22, 30-year fixed rates fell to 3.79% from 3.82% the week before. The average for 15-year loans decreased as well to 2.98%. Adjustables were higher, with the average for one-year adjustables rising to 2.62% and five-year adjustables up one tick to 2.89%. A year ago, 30-year fixed rates were at 3.92%, close, but still higher than today’s levels. Attributed to Sean Becketti, chief economist, Freddie Mac — “Following Federal Reserve Governor Daniel Tarullo’s remarks last week Treasury yields dipped. In response, 30-year fixed rates fell 3 basis points this week to 3.79 percent. The housing market continues to benefit from low rates on home loans, with housing starts for September beating expectations and the NAHB’s Housing Market index registering a ten year high in October.”  Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices For Adjustable Rate Mortgages
Updated October 23, 2015

	Daily Value	Monthly Value
	Oct. 22	September
6-month Treasury Security	0.11%	0.18%
1-year Treasury Security	0.23%	0.37%
3-year Treasury Security	0.89%	1.01%
5-year Treasury Security	1.36%	1.49%
10-year Treasury Security	2.04%	2.17%
12-month LIBOR		0.847% (Sept)
12-month MTA		0.243% (Sept)
11th District Cost of Funds		0.639% (Aug)
Prime Rate		3.25%

Weekly Interest Rate Overview

The Markets. Fixed rates on home loans were again stable but slightly lower in the past week. Freddie Mac announced that for the week ending November 20, 30-year fixed rates fell to 3.99% from 4.01% the week before. The average for 15-year loans decreased to 3.17%. Adjustables were mixed but also stable, with the average for one-year adjustables increasing one tick to 2.44% and five-year adjustables decreasing one tick to 3.01%. A year ago, 30-year fixed rates were at 4.22%, which continues to be higher than today’s levels. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac — “Fixed rates on home loans were slightly down as housing starts declined 2.8 percent in October, below the upwardly revised September rate. However, building permits increased 4.8 percent in October after a 2.8 percent boost a month earlier. Lastly, industrial production slipped by 0.1 percent in October, below the market consensus forecast.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices For Adjustable Rate Mortgages
Updated November 21, 2014

	Daily Value	Monthly Value
	Nov 20	October
6-month Treasury Security	0.07%	0.05%
1-year Treasury Security	0.14%	0.10%
3-year Treasury Security	0.97%	0.88%
5-year Treasury Security	1.64%	1.55%
10-year Treasury Security	2.34%	2.30%
12-month LIBOR		0.552% (Oct)
12-month MTA		0.113% (Oct)
11th District Cost of Funds		0.663% (Sept)
Prime Rate		3.25%

Homeowners Jettison Whirlpool Tubs

The high-profile bathroom fixture is losing its charm in new home construction, according to a survey; meanwhile, tricked-out shower stalls are hot.

By

Stefanos Chen

Oct. 2, 2014 10:17 a.m. ET What’s the greatest thing since indoor plumbing? His-and-hers shower stalls. But say bye-bye to the bidet.

Luxury bathrooms have undergone some notable changes since 2008, considered the peak of the real-estate bubble, according to a survey by the Home Innovation Research Labs (HIRL). The biggest casualties are whirlpool bathtubs and stand-alone bidets, down 9.4% and 34.9%, respectively, over the six-year period. [WSJ]

Weekly Interest Rate Overview

The Markets. Fixed rates fell slightly in the past week with rates staying within the same range they have been for almost the past three months. Freddie Mac announced that for the week ending August 14, 30-year fixed rates fell slightly to 4.12% from 4.14% the week before. The average for 15-year loans ticked down to 3.24%. Adjustables were also stable in the past week, with the average for one-year adjustables up slightly to 2.36% and five-year adjustables decreasing marginally to 2.97%. A year ago 30-year fixed rates were at 4.40%. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac — “Rates on home loans were down slightly amid a week of light economic reports. Of the few releases, retail sales were virtually unchanged in July after a 0.2% increase in June, ending five months of increases. Excluding motor vehicles and parts, retail sales were up 0.1% last month.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices For Adjustable Rate Mortgages
Updated August 15, 2014

	Daily Value	Monthly Value
	August 14	July
6-month Treasury Security	0.06%	0.06%
1-year Treasury Security	0.10%	0.11%
3-year Treasury Security	0.87%	0.97%
5-year Treasury Security	1.58%	1.70%
10-year Treasury Security	2.40%	2.54%
12-month LIBOR		0.556% (July)
12-month MTA		0.118% (July)
11th District Cost of Funds		0.668% (June)
Prime Rate		3.25%

Security Deposit 101: What Your Landlord Will (and Won’t) Forgive

Q2 2014 Manhattan Sales Market Report

Contact me for assistance with the pricing, sale,  or purchase of a home

Trends from last quarter:

• Inventory Starting to Turn Around.
  Although the number of properties listed for sale remains very low (52% below the peak in Q1 2009), we are starting to see more of them.  Inventory rose for the second quarter in a row.
• Limited Supply Buoys Prices.
  The continuing depressed level of available property kept the market competitive for buyers.
• Slower Activity in One and Two Bedroom Sales.
  In Manhattan, one- and two-bedroom units are the primary drivers of residential sales activity, but they are occurring with decreasing frequency. 
• Luxury Sales Take a Larger Share.
  Activity at the high end continued to be robust, and grew as an overall percentage of the market.  Properties above $3M now account for 12% of sales (up 3% from a year ago), and 26% of available inventory (up 4%).
• Market-wide PPSF Sets New Record.
  The focus on high-end sales drove the average price per square foot for Manhattan real estate up to $1,286.

Full report is available here

Weekly Interest Rate Overview

The Markets. Rates were stable in the past week, though the survey was released before the full effects of the employment report were realized. Freddie Mac announced that for the week ending July 3, 30-year fixed rates decreased slightly to 4.12% from 4.14% the week before. The average for 15-year loans remained at 3.22%. Adjustables were also stable in the past week with the average for one-year adjustables falling slightly to 2.38% and five-year adjustables remaining at 2.98%. A year ago 30-year fixed rates were at 4.29%. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac –“Rates on home loans were little changed from the previous week and remain below levels seen the same time last year, which should provide some help with homebuyer affordability in many markets. Recent housing data was better with pending home sales up 6.1 percent in May and overall construction spending showing a slight improvement with private residential spending now up 7.5 percent on yearly basis.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices For Adjustable Rate Mortgages
Updated July 3, 2014

	Daily Value	Monthly Value
	July 2	May
6-month Treasury Security	0.06%	0.05%
1-year Treasury Security	0.12%	0.10%
3-year Treasury Security	0.95%	0.83%
5-year Treasury Security	1.71%	1.59%
10-year Treasury Security	2.64%	2.56%
12-month LIBOR		0.538% (May)
12-month MTA		0.122% (May)
11th District Cost of Funds		0.667% (May)
Prime Rate		3.25%

The May 2014 Manhattan & Brooklyn Sales Market Snapshot

Manhattan

•      Market-wide: On a longer range view, average price and average price per square foot have remained relatively steady over the last six months, reflecting stabilization following record-breaking price growth during 2013.
•      Condos: The average price was up a significant 23% since last May 2013, continuing an eleven-month trend of annual price growth. Average condo price has remained between $2.3MM and $2.6MM over the last six months.
•       Co-ops:The co-op market experienced solid price gains over last year with a 6% increase in average sale price, a 5% increase in median sale price, and a 2% increase in price per square foot. Days on market fell relative to both last year and last month to just 75 days, which is the shortest
  average time to sell a co-op unit in over five years.

Brooklyn

•     Brooklyn continued to show strong growth as the average sale priced increased 13% and the average days on market decreased 40% year-over-year.
•     In May buyers paid on average 5.0% over last asking price with 62% of contracts signing above asking price and 16% signed at asking price.

•     Year-over-year the number of contracts signed decreased by 19%.

•     Year-over-year contracts signed decreased by 17%, but month-over-month saw a 5% increase.

•     Total available inventory in Brooklyn increased 14% versus last month and by 3% versus last year. There were 21% more new listings compared to last month, but 44% less than April 2013.

Full Reports available below

Manhattan

Brooklyn

When Wall Street becomes a landlord

By Lisa Gibbs  @Money April 8, 2014: 5:23 PM ET

Housing investors are flipping foreclosures into single-family rentals.

(Money Magazine)

The stronger-than-expected housing recovery — a 20% rebound since 2010 — owes a lot to the investors who swept into recession-ravaged cities and scooped up distressed homes. [CNNMY]

February 2014 Manhattan Rental Market Report

Contact me to discuss any upcoming vacancies and pricing of your units.

MANHATTAN RENTAL MARKET

BOOSTED BY INCENTIVES

Landlord concessions remain popular as the vacancy rate falls and rents rise slightly.

New York, NY (March 13, 2014) – Leading Manhattan real estate brokerage Citi Habitats released its monthly rental market report for February 2014 today.  The results show slightly more favorable conditions for landlords when compared to the month prior.  However, the percentage of transactions that include a move-in incentive remained relatively high, which is good news for would-be tenants.

The report found that average rents increased slightly for all apartment categories except three bedroom homes.  Month-over-month, rents increased 1% for studio, one and two bedroom homes.  In contrast, average rents for three bedroom apartments decreased by 1%.

In February 2014, the borough-wide vacancy rate fell to 1.50% from January’s rate of 1.62%.  The last time the Manhattan vacancy rate was this low was in September 2013, when the rate reached 1.48%.  This is the second straight month of vacancy rate declines.

The average Manhattan apartment rented for $3,417 during February 2014, $20 more than it did in January 2014, when the average was $3,397.  Looking year-over-year, average rents are also up.  The average apartment rented for $3,243 during February 2013, $174 less than it did last month.

In February, 12% of rental transactions brokered by Citi Habitats offered a free month’s rent and/or payment of the broker fee to entice new tenants, compared to 13% in January.  A year ago, in February 2013, the percentage of concessions was also lower, at 8%.

 

While the percentage of leases with a landlord concession is the highest it’s been in two years, their use was most prevalent during the depth of the country’s economic downturn.  The popularity of concessions peaked in December 2009, when a full 59% of leases included a move-in incentive.

 “Currently, landlord incentives are helping drive traffic, decrease vacancies and increase pricing,” commented Gary Malin, President of Citi Habitats. “The market has spoken, and landlords really cannot push rents any higher without facing tenant backlash.  In the coming months, rents will generally remain stable, but concessions will likely begin to disappear as winter fades from the rear view mirror.”

Click the image above to download a PDF of the full report which lists average rents by size and neighborhood.