Lending
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The community, Soleste Palm Station, will have 321 apartments in two eight-story buildings.
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Forté Luxe will bring 17 residences to a waterfront peninsula in the Intracoastal Waterway.
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The new name conveys a “concise, modern identity,” the company said.
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The financing comprises a $334,590,000 Freddie Mac senior loan and $85 million of subordinate debt.
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The NAHB/Wells Fargo Housing Market Index (HMI) rose seven points to 44, its second monthly increase in a row.
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Construction of the 65-condominium development by Ugo Colombo’s CMC Group is already underway, with an expected 2025 completion.
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Visions at Brickell Station will offer 111 condo-hotel units starting at $500,000.
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A 15% rise in applications for adjustable-rate mortgages drove overall mortgage applications higher in the most recent weekly survey.
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MBA states that the mortgage delinquency rate has fallen to the lowest rate since it started tracking this metric in 1979.
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National Association of REALTORS® Chief Economist Lawrence Yun took issue with the increase, saying the central bank has created “a rare and very tight monetary policy condition.”
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The mortgage industry decried the proposed loan-level pricing adjustment for borrowers with higher debt-to-income ratios.
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Interest rates on mortgages of all types declined last week, spurring an uptick in borrowing, the Mortgage Bankers Association reported.
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As affordability remains a concern, some buyers are purchasing mortgage points.
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This was the fourth week in a row of declines, leaving prospective buyers hopeful for sustained low rates throughout spring homebuying season.
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The Mortgage Bankers Association noted the increase in borrowing activity came despite the 30-year fixed mortgage rate climbing to its highest level since November 2022.
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Mortgage insurance premiums on loans backed by the Federal Housing Administration will drop from 0.85% to 0.55% beginning March 20.