The mixed-use tower will bring 460 apartments and 97,500 square feet of commercial space to Midtown when it opens in late 2024.
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A 30-year fixed-rate mortgage rose to 7.08% this week from 6.94% a week ago, Freddie Mac reported. A year ago, the average mortgage carried a 3.14% rate.
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At the same time, mortgage applications declined 1.7% on a seasonally adjusted basis on a week-over-week basis, according to the Mortgage Bankers Association.
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Mortgage applications declined 1.2% during the week ended Sept. 9, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.
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Worsening affordability challenges are affecting first-time homebuyers
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Despite a slow start to the spring homebuying season, prospective buyers are showing some resiliency in the face of higher mortgage rates, as seen by two weeks in a row of increasing loan applications.
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Overall mortgage-application volume was at its lowest level since 2018, the Mortgage Bankers Association said.
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The Arya Peachtree stands 12 stories tall and includes 282 units.
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“Investors are weighing the impacts of rapidly increasing inflation in the U.S. and many other parts of the world against the potential for a slowdown in economic growth due to a renewed bout of supply-chain constraints.” — MBA associate vice president of economic and industry forecasting Joel Kan
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Infinity Real Estate Advisors LLC used two loans aggregating $60 million to make the acquisitions.
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