Real Estate News 09/06/2024

Today’s News Synopsis:

Fannie Mae and Freddie Mac announced new protections for renters in multifamily properties with mortgages backed by the enterprises.

In The News:

MBA – “Fannie Mae, Freddie Mac Announce New Protections for Renters“ (09-04-2023)

“Under the policy, which will become effective February 28, 2025, all new GSE-backed loans will require multifamily borrowers to include the following three minimum standards within tenant leases”

CBS News – “How much would a $700,000 mortgage cost per month?“ (09-03-24)

“Mortgage payments for qualified borrowers on a $700,000 mortgage would range between $3,517.51 per month and $4,683.35 monthly, not including homeowners insurance, taxes and PMI. But if buyers wait, they may be able to get a slightly lower rate and, potentially, save upwards of $100 each month.”

Redfin –  “Homebuyers Must Earn Nearly $80,000 to Afford the Typical U.S. Starter Home, Just Shy of the All-Time High” (08-29-2024)

“Homebuyers need to earn roughly $80,000 to afford the median-priced starter home, up 4.4% from last summer and only about $500 below the all-time high. That makes starter homes just barely affordable to families earning the median U.S. income, and unaffordable to families earning less than the median income.”

MPA Mag –  “Mortgage applications grow as rates boost buyer activity” (09-04-24)

“Mortgage applications increased last week as interest rates edged lower, signaling a potential uptick in homebuyer activity.”

Redfin – “What Does a Property Manager Do? What to Know About Hiring a Rental Property Manager” (09-05-2023)

“A property manager is a person or group of people who manage and oversee the daily responsibilities of a rental property”