30YR Fixed 7.09% +0.07% 15YR Fixed 6.48% -0.02%   Existing Home Sales Update: Still Bad Housing was chugging right along in early 2020, then covid happened.  Housing experienced lots of unexpected volatility with the most important development being a huge increase in demand and prices... at first. Once rates began skyrocketing (relatively) and the frenzy began to subside, home sales numbers tanked to the weakest levels since the Great Financial Crisis by the end of 2022. They've been drifting and bouncing around near those same levels ever since. Bigger picture for context: In other words, this data series isn't worth too much discussion until it exits this holding pattern. For those determined to pick out potentially interesting anecdotes, feel free to sort through the following: Prices rose 3.0% year over year.  It's the 15th straight month of increases Inventory has been growing faster than sales have been falling First time buyers accounted for 26% of total, matching the all-time low, but not a crazy drop from 2023's average of 32% All cash sales accounted for 30%, up from 26% last month.

 

Why Pre-Approval Should Be at the Top of Your Homebuying To-Do List Since the supply of homes for sale is growing and mortgage rates are coming down, you may be thinking it’s finally your moment to jump into the market. To make sure you’re ready, you need to get pre-approved for a mortgage. That’s when a lender looks at your finances, including things like your W-2, tax returns, credit score, and bank statements, to figure out what they’re willing to loan you. After that process, you’ll get a pre-approval letter to show what you can borrow. Here are two reasons why this is essential in today’s market. Pre-Approval Helps You Know Your Numbers While home affordability is finally starting to show signs of improving, it’s still tight. So, it’s a good idea to talk to a lender about your loan options and how today’s changing mortgage rates will impact your monthly payment. The pre-approval process is the perfect time for that. In addition to determining the maximum amount you can borrow, pre-approval also helps you understand this piece of the puzzle. As Investopedia says: “Consulting with a lender and obtaining a pre-approval letter allows you to discuss loan options and budgeting with the lender; this step can clarify your total house-hunting budget and the monthly mortgage payment you can afford.” You should use this information to tailor your home search to what you’re actually comfortable with budget-wise. Since mortgage rates have inched down some lately, you may find you’re able to afford a bit more than you’d expect for your monthly payment, but you still want to avoid overextending. As CNET explains: “In many cases, a lender may preapprove you for more than you need to spend on a home. And while it can be tempting to look at houses outside your budget, it won’t help you in the long run. Before you start touring homes, figure out how much you can realistically afford and stick to your budget.” Pre-Approval Makes Your Offer More Appealing And once you do find a home you want in your budget, pre-approval has another big perk. It not only makes your offer stronger, it also shows sellers you’ve already undergone a credit and financial check. When a seller sees you as a serious buyer, they may be more attracted to your offer because it seems more likely to go through. As Greg McBride, Chief Financial Analyst at Bankrate, says: “Preapproval carries more weight because it means lenders have actually done more than a cursory review of your credit and your finances, but have instead reviewed your pay stubs, tax returns and bank statements. A preapproval means you’ve cleared the hurdles necessary to be approved for a mortgage up to a certain dollar amount.” As mortgage rates trend down, more buyers are going to be ready to jump back into the market. And while demand is still limited right now, there’s the potential for competition to pick back up, especially in hot markets. So, why not stack the deck in your favor and make sure you’re putting yourself in the best position possible when you find a home you love? Bottom Line If you’re planning on buying a home, don’t forget to get pre-approved early in the process. It can help you get a more in-depth understanding of what you can borrow and shows sellers you mean business.

You have 3 key opportunities if you’re looking to move this fall. Inventory is growing, homebuilders are motivated to sell, and mortgage rates have come down from their recent peak. Let’s connect if you want more information.

Kushner Breaks Ground on Controversial Colts Neck Project COLTS NECK – Kushner Companies broke ground on its 360-unit residential rental community, Livana Square, previously Colts Neck Manor, after winning a critical state permit that held up the development’s progress for years. The groundbreaking event was held July 31 at 7 County Route 537, a month after the New Jersey Department of Environmental Protection (NJDEP) approved a crucial license requirement for the construction of an underground, computer-controlled wastewater treatment facility to be built on the site. The Treatment Works Approval permit was the final obstacle to the project despite ongoing public opposition. “It’s fair to say that this rezoning and approval process has been a bit controversial,” Michael Sommer, the chief development officer at Kushner Companies, said at the groundbreaking Wednesday morning. Addressing the underlying concerns of residents about the biggest development project in the bucolic township, Sommer said, “We are committed to being responsible members of this community and we will ensure that this will be a first-class operation throughout the development process and beyond. And we’re prepared not just to ask for your trust, but to earn it.” The construction of Livana Square is expected to begin “immediately” with an anticipated completion date of February 2027. Pegged as the “first-ever luxury apartment community in Colts Neck” by the developers, Livana Square will have a modern farmhouse design that pays homage to Colts Neck’s equestrian heritage. The plans include 360 rental residences on nearly 40 acres, with a mix of one- , two- and three-bedroom floorplans – some of which will meet affordable housing requirements – across 15 three-story buildings. The project will have a clubhouse, co-working spaces, outdoor recreation areas, a dog park and the underground Amphidrome septic system that caused the most consternation for several Monmouth County residents and environmentalists. The Amphidrome is an advanced, computer-controlled, underground septic system almost the size of a soccer field. It has come under public scrutiny for its potential threat to Monmouth County’s drinking water supply. The property abuts the state-designated critical-1 freshwater stream Yellow Brook, which feeds into the Swimming River Reservoir. The reservoir supplies drinking water to nearly 300,000 Monmouth County residents. However, Buddy Pinkava, president of Marlin Construction Services, working with Kushner’s in-house construction company on the project, said Amphidrome systems are not new and have been built in the region and nearby. “We’ve built four of them in Monmouth County,” Pinkava said. “This would be the largest, but it’s basically, it’s the same process for each system, and they’ve all been working very efficiently.” Because the septic system has a “very large holding” capacity in case of any wastewater effluent overflow, it will “not impact the Yellow Brook,” he said. The groundbreaking event comes after Kushner Companies spent almost a decade seeking government approvals for the underground sewage treatment system. The project was announced in 2006 and called for 48 townhomes with approximately 14,400 gallons of wastewater per day. The approved project will nearly quadruple the state’s limit of allowed wastewater disposal from 20,000 to 71,500 gallons a day. The state approved the increase in March. The TWA permit, signed June 20, 2024, is valid for two years and can be extended for up to five years. According to details mentioned in the permit approval letter obtained by The Two River Times from the NJDEP, the Amphidrome system “is being accepted by the NJDEP based on the applicant (Kushner Companies) engineering design, experience, review of case studies of similar facilities and professional engineering judgment that the proposed system will adhere to the required effluent limits” approved by the state. The letter further noted that “any failure within the system or improper functioning of the treatment units as designed will require reevaluation and replacement of the system as needed, and all discharge of the effluent must be stopped immediately until all issues are resolved.” Before the developer could receive state approval, the project had to be greenlit at the township and county levels. The Colts Neck Township Committee approved the expanded project to avoid a builders’ remedy lawsuit from Kushner Companies in 2021. A builder’s remedy lawsuit is legal action by a developer to force a municipality to allow higher-density developments than its zoning laws permit. In 2021, then-planning board member David Kostka, who also chaired the township’s environmental commission, said the decision was “very difficult.” At the county level, the Monmouth County Commissioners had to amend the county’s Water Quality Management Plan (WQMP), which ensures clean drinking water for all, to accommodate the needs of the project. In February, the commissioners passed a site-specific amendment to the WQMP, allowing the application to qualify for the last leg of state permits. Regardless of all the resistance, proponents of the project spoke of its benefits. Residents, environmental groups such as the Sierra Club, the League of Women Voters, engineers and others testified to the project’s shortcomings at every level of government. Many banded together to form the grassroots group Concerned Citizens to fight the project. Concerned Citizens challenged the state permits, arguing the NJDEP based its decisions on the developer’s “self-certified” engineer who “misrepresented site conditions” in the material they submitted to the NJDEP. The group commissioned a report in early March from an independent hydrologist who confirmed and identified serious issues with the underground septic system. According to the report, local soils would obstruct proper wastewater treatment and likely cause untreated discharge, such as fecal coliform bacteria, to surface in the Yellow Brook tributary “rather than percolate to aquifer levels as intended.” The report also warned the proposed system could not remove all contaminants. “Most alarmingly,” the report cautions, in case of a system failure, the onsite wastewater treatment system operator would have “less than a day to restore the system to operation or risk a major overflow of raw sewage on slopes above Yellow Brook.” During the groundbreaking event Wednesday morning, Colts Neck Deputy Mayor Tara Torchia Buss acknowledged the concerns expressed by some residents. “A lot of people don’t like change,” she said, but mentioned there are many others who don’t want the “burden of homeownership” and are excited about the project. “A lot of people have these big homes, big pieces of property, and they want to rent but they don’t want to leave their town. So, I do think that there is a need here.” Torchia Buss noted that the township has been working to address its affordable housing obligations, with the Livana Square development being one component of that effort. Torchia Buss said she is reassured by the fail-safes in place for the septic system. If the “monitoring stations go off, then there’s protocols in place,” she said and, given the joint resources of the township, county and the developer, “there’s a lot of support here if something does happen.” The monitoring by NJDEP is “very involved,” she said, and the township’s permitting process inspections “will continue throughout the project and after. It’s a project that everybody will have eyes on, not just during the construction, but when people start moving in.” Marianne Cucolo, the founder of Concerned Citizens, attended the groundbreaking. She said she hopes the project “works out” for the community. “We’ll just have to wait and see,” Cucolo said.

30YR Fixed 6.40% -0.22% 15YR Fixed 5.89% -0.26%   Rates Plummet as The Market Buys Into The Big Shift The events of this past week serve as an exclamation point in one of the many sentences that tells the story of the big shift away from the generationally high rates seen at the end of 2023.  The story has had its ups and down since then, but it had been going fairly well for fans of low rates over the past 3 months. In fact, the last 3 months mark the first successful defeat of what had looked like yet another "false start" in the road toward lower rates.  Measured in terms of 10yr Treasury yields, long term rates have only made 3 attempts to drop more than half a percent since they began skyrocketing in 2022.  The first two attempts ultimately gave way to new highs.  If rates had moved just a bit higher a few months ago, it would have happened again. Zooming in on the past year, here's a general breakdown of the key motivations for these swings: May through July could be described as cautiously optimistic due to well-received improvements in inflation data.  During this time, the Fed said it was feeling more and more confident about cutting rates, but that it could be patient due to a labor market that was still rather strong.  Similar sentiments were shared by the Fed as recently as this week, but that was before this week's jobs report came out. Headline job creation (nonfarm payrolls) fell to 114k in July--well short of the forecast consensus of 175k.  In addition, the unemployment rate ticked up to 4.3% from 4.1% and wage growth fell to 0.2% from 0.3% with annual growth hitting pre-pandemic levels for the first time since stabilizing at long-term highs. Bonds and rates were already in good spirits due to bad economic news on Thursday (higher Jobless Claims data and a weaker ISM Manufacturing Index), but the jobs report took the rally to the next level.  Here's how it looked in terms of expectations for the Fed Funds Rate by the end of 2024 (notably, Wednesday's Fed announcement had very little impact on the outlook compared to Thu/Fri econ data): In other words, traders were expecting the Fed to be able to cut rates by half a percent before this week, but now see at least a full point of cuts.  At times like this, short term rates move much more than longer term rates like mortgages. Even so, Friday was one of only a few days in the past 2 decades with as big of a single day drop in average mortgage rates. It's very fair to ask where we go from here.  There is never a crystal ball and the lessons of early 2024 should be kept in mind.  Additional improvement in rates will require a fresh supply of downbeat economic data and there aren't many big ticket reports on the horizon.  Apart from Monday's ISM Services Index, we'll be waiting until the following week for the next installment of the Consumer Price Index (CPI)--the only other report that's as big of a deal as the jobs report these days. Beyond the next 2 weeks, the next month and a half could be particularly volatile.  As it stands, the market is second-guessing the Fed's decision to hold steady this week, and wondering if they'll be playing catch-up in mid September in the event econ data keeps trending weaker.

30YR Fixed 6.40% -0.22% 15YR Fixed 5.89% -0.26%   Mortgage Rates Down to Lowest Levels of The Year It's official!  At this point, you'd need to go all the way back to the end of December 2023 to see a lower average rate for a top-tier, conventional 30-year fixed mortgage.  Today's rates are already fairly close to those late-December levels.  Any further improvement would result in the lowest levels since May 2023.   We were already at 6-month lows yesterday, so today didn't really change the game.  That said, this most recent rally represents an extension of a broader rally that began in May, and that one is definitely a game changer.  These past 3 months mark an abrupt shift in what had been a decisive uptrend in rates in Jan-April. Rates don't necessarily "decide" to spend an entire month doing one specific thing, nor are they guaranteed to remain in the sorts of linear trends seen so far this year.  There are good cases to be made for those trends aligning with the most relevant economic data and events. With that in mind, the events of the past 2 days clearly have the market thinking about additional rate-friendly economic data.  Today's installment consisted of the highest Jobless Claims reading in a year and big miss in an important manufacturing sector index.  This data caused rapid improvement in the bond market which, in turn, allowed mortgage lenders to set lower rates today. Tomorrow's economic data is an order of magnitude more important than today's.  The Employment Situation (aka "the jobs report") will be released at 8:30am ET.  It is one of the two most important reports on any given month and easily has the power to cause a big move for rates in either direction.

Why Markets Can’t Count on Inflation Data for Insight and 5 Other Things to Know Today. Traders are still in the dark about when the Federal Reserve might start cutting interest rates. Even two new inflation data points this week may not provide much more clarity. The producer price index is out Tuesday, and the consumer price index is on Wednesday. The CPI, in particular, has been sticky this year. A large part of that comes down to housing costs, which haven’t slowed as much as the Fed might have hoped, but it could also be statistical noise—and housing counts for a lot less in the Fed’s preferred inflation gauge, the personal consumption expenditures index. Also of note is that labor market data have been heavily revised this year, making them a bit harder to decipher. Morgan Stanley has identified another issue—the seasonal adjustments to the inflation data could be a bit off, making inflation appear hotter in the first half than it will in the second half of the year. If this all seems confusing, you’re not alone. Fed officials are also struggling to get a clear idea of what’s happening. There will be plenty of updates on their thinking, though, with almost a dozen speaking events this week. That includes Chair Jerome Powell on Tuesday. Here’s the bigger picture. Inflation is probably still slowing, even if the data looks bumpy. Consumers’ savings piles from the COVID-19 pandemic are gone, making them even more price-sensitive than they used to be. Retail sales figures and earnings this week from Walmart and Home Depot will add more color there. Pay particular attention to what executives say about the outlook, they’ve got their fingers on the pulse. And Fed officials may well indicate they would like to cut rates, even if the data won’t allow them to yet. That’s a good sign for investors, even if the first reduction isn’t imminent.

Plans to build the country's tallest skyscraper in the heart of Oklahoma City have attracted national and international attention. But not all the publicity has been positive. The 1,907-foot tall Legends Tower, proposed by developer Scot Matteson, would be part of the Boardwalk at Bricktown project planned for what is now a surface parking lot at Reno and Oklahoma Avenues in Lower Bricktown. The Oklahoma City Planning Commission this month recommended the city council approve zoning for a proposed 1,907-foot-high tower but warned they do not like renderings showing extensive use of LED signage throughout the four-tower development.  At the commission meeting, Oklahoma City resident Cynthia Ciancarelli questioned whether building the tallest tower in the United States might make it prone to natural disasters or a target for terrorists.  “Oklahoma City is a playground for investors,” Ciancarelli said. “Who wouldn’t want to invest in one of the of strongest economies in the U.S? But why do they want to build the tallest building in the United States? We have severe storms, earthquakes ― Oklahoma is one-stop shopping (for disasters).”  Would natural disasters really have a strong impact on the building? Here's what we know about plans to construct the tallest building in America: How tall would the proposed building be?The California developer announced plans last month to increase the height of the Legends Tower to 1,907 feet tall — a symbolic figure in that Oklahoma became a state in 1907. This would make the Legends Tower the tallest building in the U.S. and the fifth tallest in the world, the developers say. The tallest is the Burj Khalifa in Dubai, which is 2,716 feet tall. Will the skyscraper be safe from tornadoes, earthquakes?Modern skyscrapers are built to withstand high winds and earthquakes using technology that allows them to sway several feet in each direction without compromising its steel structure. However, if a high-rise building were to be in the midst of a tornado, it would likely sustain severe window damage. When a F3 tornado hit the Bank One Tower in Fort Worth in 2000, 80% of the 35-story tower's windows were destroyed. The building was almost demolished, but was instead converted into a residential tower.When will the OKC skyscraper be built?The project covers more than 3 acres and is planned to host more than 2 million square feet of residential, retail and entertainment development, including two Hyatt hotels, condos, apartments, stores and restaurants.The development will also have a lagoon and boardwalk. Also coming to the area, a new arena for the NBA franchise Oklahoma Thunder, which is expected to cost at least $900 million. Work on the first three 345-foot towers is scheduled to begin this year; the Legends Tower would be built after those are completed. Why was Oklahoma chosen for the country's tallest building?Pointing to a period of growth, Matteson said in a statement that Oklahoma City is "well-positioned to support large-scale projects like the one envisioned for Bricktown.” “We believe that this development will be an iconic destination for the city, further driving the expansion and diversification of the growing economy, drawing in investment, new businesses, and jobs," he said. "It’s a dynamic environment and we hope to see The Boardwalk at Bricktown stand as the pride of Oklahoma City.” Is it even possible to build the tallest skyscraper in the US in OKC?Norb Delatte, an engineering professor at Oklahoma State University, along with Jerome Hajjar, a professor at Northeastern College of Engineering in Boston, both said despite concerns about Oklahoma's location within Tornado Alley, among others, the tower is doable from a structural standpoint. “It’s certainly an unusual and distinctive structure for a city the size of Oklahoma City,” Hajjar said. “A building system like this, along with the surrounding buildings, can be an anchor for transforming the city.” 

The U.S. Supreme Court ruled unanimously on Friday that the government cannot demand hefty development fees from property owners in exchange for building permits. The case is being hailed by the National Association of REALTORS®, and other housing groups, as a major victory for property rights in a fight against what’s been called “exorbitant fees” tacked onto permit approvals in new development projects.  The Supreme Court’s ruling stems from a 2016 lawsuit filed by a California landowner, George Sheetz, after laws through his county government required him to pay more than $23,000 for a “traffic impact fee study” while he tried to obtain a permit to build a 1,800-square-foot manufactured home on his property. The county fees were implemented to help pay for roadwork and infrastructure in the community. Sheetz and his attorneys called the fees “unconstitutional” (specifically saying they violate the Takings Clause of the Fifth Amendment, which bars the government from taking private property for public use without “just compensation.”). After the lower courts sided with the county, Sheetz and his attorneys asked the U.S. Supreme Court to weigh in.  NAR and other housing groups sent letters of support regarding the case to the justices. “Impact fees have real consequences for homeownership in America, particularly with today’s high interest rates and limited housing affordability. Many prospective home buyers are priced out of the market by the tens of thousands of dollars in impact fees imposed on the average property owner,” NAR, the American Property Owners Alliance, the REALTORS® Land Institute, and the California Association of REALTORS® wrote in the amicus brief, filed with the court last year. Nationally, they said, the average impact fee on single-family homes exceeded $13,627 in 2019, while the costs in some states stretched much higher. In California, for example, impact fees average more than $37,000. Also, the housing groups cited housing studies showing how a $1,000 increase in the median price of a new home pushes about 140,000 households out of the real estate market.  The court’s decision will now allow developers and home builders to challenge fees that are commonly imposed by cities and counties to pay for new public improvements and infrastructure. Justice Amy Coney Barrett wrote: “In sum, there is no basis for affording property rights less protection in the hands of legislators than administrators. The Takings Clause applies equally to both—which means that it prohibits legislatures and agencies alike from imposing unconstitutional conditions on land-use permits.” Sheetz’s case will now be sent back to the state courts for further review, given the Supreme Court’s ruling.  NAR vows to continue to advocate for the property rights of homeowners in cases such as these. “Costly and burdensome requirements imposed on property owners, such as obtaining land-use permits as a condition of using or developing their property may be unrelated to the externalities of the development, may artificially increase the cost of real estate,” the association noted in its Washington Report about the case late last year. “At a time when many buyers are struggling to afford or find properties, government action must create certainty and stability in the housing market to promote development, support homeownership, and protect private property rights, which is why NAR is engaged in these various challenges.”  

Brant Point Construction Begins Denholtz Properties has broken ground on a collection of 16 luxury homes in Atlantic Highlands, seeking to lure buyers with what it describes as Nantucket-style living along Sandy Hook Bay. Known as Brant Point, the custom-designed, single-family dwellings will occupy seven acres just west of Avenue D and north of Center Avenue. Each will have four bedrooms and multiple bathrooms, with floorplans ranging from 2,601 to 3,473 square feet and outdoor spaces for year-round entertainment, Denholtz said, while residents will have easy access to Seastreak Ferry service providing a one-hour trip to New York City. The Red Bank-based developer joined project partners, investors and prospective residents this week to mark the start of construction at the property, noting that the first homes are slated to be completed in early 2025. “We are thrilled to begin construction of Brant Point, a community that will epitomize coastal living at its finest,” said Steven Denholtz, CEO of Denholtz Properties. “With its stunning views and carefully crafted homes, Brant Point offers residents a harmonious blend of Nantucket-inspired charm and modern luxury. We are confident that this enclave will not only redefine waterfront living in Atlantic Highlands but also set a new standard for coastal communities throughout Monmouth County.” The firm has tapped Deborah James of Sotheby’s International Realty as sales director for the project, which was designed by Spiezle Architectural Group and will have touches such as a slate feature wall with a gas fireplace, a full chef’s kitchen with an open pantry and landscaping with an irrigation system. Some homes will also have elevator options and two-car garages, while residents have the option to add a gunite pool. Lead Dog Custom Homes, a Red Bank-based luxury homebuilder, is managing construction.

  LONG BRANCH —Kushner officially broke ground yesterday, March 27, on a $130 million mixed-use residential and retail development in Long Branch. The project is poised to infuse new vitality into the city's Lower Broadway corridor, delivering 299 designer rental residences and upscale amenities, along with a highly anticipated SuperFresh grocery market and neighborhood café.   The long-awaited venture is set to be a lynchpin in connecting Lower Broadway to the city’s active beachfront, integrating with Kushner's Pier Village oceanfront community including the Wave Resort & Spa.Principals of Kushner hosted Long Branch Mayor John Pallone, Sen. Vin Gopal (D-11), fellow council members and other local dignitaries to mark the commencement of the project.Laurent Morali, CEO of Kushner, said, “Long Branch has always represented a long-term investment for us. This new project reinforces our overarching vision of establishing a thriving year-round destination by introducing premium residential, retail, and neighborhood services that support the community throughout every season."   Located at 118-119 Broadway and designed by Minno + Wasko Architects and Planners, the development will comprise two, four-story buildings with a mix of studio, one-, two- and three-bedroom homes. A rich array of upscale lifestyle amenities and social spaces spanning both properties will complement the residences. These include a 1,400-square-foot coworking lounge, fitness center, dedicated yoga room, golf simulator, rooftop terraces with ocean views, social lounges, pet spa, kids' room, grilling stations, fire pits and an outdoor pool.   Nicole Kushner Meyer, President of Kushner, added, “This development represents a significant stride in breathing new life into the downtown while underscoring Kushner’s unwavering commitment to the Long Branch community. Our focus extends beyond residential development, aiming to transform this underutilized land into new uses that will serve as an extension of Pier Village, including a supermarket catering to the year-round community.”Although efforts to revitalize Lower Broadway have been in the works for years as part of the City’s Redevelopment Plan, Kushner's involvement began in September 2022, diligently working with municipal agencies to advance the project.Michael Sommer, Chief Development Officer of Kushner, expressed excitement, stating, “We’re thrilled to expand our investment in the City of Long Branch and proud to have successfully propelled this critical project forward. The active involvement and guidance from Mayor John Pallone, the City Council, the Planning Board, the City Attorney, and the City Business Administrator were all instrumental, and we look forward to delivering another valuable asset to the community.”   State Sen. Vin Gopal praised the Kushner team for stepping up to revitalize a neighborhood that hasn’t shared in the investments made along the oceanfront.“This has been a long time coming,” said Sen. Gopal. “This property, as it gets going, is going to play an incredible role in the rest of Long Branch. We’ve seen other communities over the last 20 years — Asbury Park, Red Bank — really progress and this has been the piece to really unite Long Branch and make sure we can do that. The properties all across here, their values are going to go up because of this.”Since acquiring Pier Village in 2014, Kushner has continually expanded its offerings, which now encompasses 500 luxury apartments, 133,000 square feet of retail and two hotels.   This groundbreaking marks what promises to be an active year for Kushner in Monmouth County. The developer is actively redeveloping the Monmouth Mall in Eatontown into what is now known as Monmouth Square, reimagining it as a modern town center with 1,000 residential units, 900,000 square feet of retail, an active public green and pedestrian pathways.   Later this year, Kushner will break ground on a new residential development in Colts Neck, featuring 15 three-story buildings with 360 residences and upscale amenities.About KushnerKushner is a multi-generational real estate development and management firm headquartered in New York City. The company’s diverse portfolio encompasses residential, commercial, retail and hospitality with approximately 10,000 apartments under development and more than 25,000 apartments under ownership across 14 states.

30YR Fixed 6.91% +0.00% 15YR Fixed 6.47% +0.00%   Little Change in Mortgage Application Volume, Despite Lower Rates The Mortgage Bankers Association said its Market Composite Index moved lower last week, apparently indifferent to a slight improvement in mortgage interest rates. The Index, which measures loan application volume, decreased 0.7 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index declined 0.4 percent compared with the previous week. The Refinance Index decreased 2.0 percent from the previous week and was 9.0 percent lower than the same week one year ago. The refinance share of mortgage activity accounted for 30.8 percent of total applications compared to 31.2 percent the previous week.View Refinance Applications Chart The Purchase Index ticked down 0.2 percent both before and after its seasonal adjustment.  It was 16.0 percent lower than the same week one year ago.View Purchase Applications Chart “Mortgage application activity was muted last week despite slightly lower mortgage rates. The 30-year fixed rate edged lower to 6.93 percent, but that was not enough to stimulate borrower demand,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Purchase applications were essentially unchanged, as homebuyers continue to hold out for lower mortgage rates and for more listings to hit the market. Lower rates should help to free up additional inventory as the lock-in effect is reduced, but we expect that will only take place gradually, as we forecast that rates will move toward 6 percent by the end of the year. Similarly, with rates remaining elevated, there is very little incentive right now for rate/term refinances.”  Additional Highlights from the MBA Weekly Mortgage Application Survey Loan sizes slipped slightly lower last week. The average was $387,000, down from $389,800 and purchase loans averaged $441,800 compared to $445,000. FHA and the VA applications each accounted for a 12.0 percent share of the total, declining 0.1-point from the prior week. The USDA share remained at 0.5 percent. The average contract interest rate (6.93 percent) for conforming 30-year fixed-rate mortgages (FRM) was 4 basis points lower than a week earlier. Points decreased to 0.60 from 0.64. Jumbo 30-year FRM had an average interest rate of 7.14 percent, unchanged week-over-week. Points dropped to 0.38 from 0.54. The average contract interest rate for 30-year FRM backed by the FHA decreased to 6.75 percent from 6.89 percent, with points decreasing to 0.97 from 1.04 Fifteen-year FRM rates were down 3 basis points from the previous week to an average of 6.46 percent with points increasing to 0.75 from 0.70. The average contract interest rate for 5/1 adjustable-rate mortgages (ARMs) decreased to 6.27 percent from 6.33 percent. Points increased to 0.6 from 0.55.   The ARM share of activity moved from 7.2 percent of applications to 7.0 percent.