Interest rates have dropped to 3.999%, motivation for some buyers to upsize, according to Bloomberg. (Getty)
Too long; didn’t read? We hear you. Here are some of the top stories affecting the real estate industry this week in case you missed them. Please note: The content and opinions highlighted here do not reflect StreetEasy or Zillow Group’s perspective.
Interest Rates Drop Below 4% for Fifth Week in a Row
Get the full story on Bloomberg
- The average interest rate for a 30-year loan dropped to 3.999% for the fifth straight week, according to findings from Freddie Mac.
- At the same time, the average home loan size has increased to $331,000, according to data from the Mortgage Bankers Association.
- According to Bloomberg reporting, market dynamics are incentivizing more Americans size up to pricier homes.
Carbon Trading and the New Energy Mandate
Get the full story on Crain’s
- Last month, NYC’s City Council passed the Climate Mobilization Act, which will require buildings over 25,000 square feet to cut their greenhouse-gas emissions 40% by 2030.
- To meet these new standards, building owners will have to invest in carbon and energy reducing systems and strategies.
- John Mandyck, the CEO of the Urban Green Council said, “The scale of investment that will need to happen over the next 10 years is unprecedented.”
- The city is now looking into a carbon trading platform that will allow buildings that are able to achieve and exceed the energy savings to sell excess to buildings that cannot.
Where to Find Affordable Apartments for Recent Grads
Get the full story on StreetEasy’s One Block Over
- Working with a new grad? StreetEasy’s newest data tool has identified areas of the city based on salaries and therefore, affordability.
- The findings show there are more than 20,000 rentals on StreetEasy available to those earning $47,540, which is the typical salary for recent grads.
- Bushwick, Bed-Stuy, Crown Heights and Williamsburg are the most dense with affordable options.
- But, if a new grad earns over $60K and is willing to get roommates, there are affordable options pretty much all over the city.
Former Bachelor Star Rebrands as a Real Estate Agent and Joins Cast of House Hunters International
Get the full story on House Beautiful
- Arie Luyendyk Jr., from The Bachelor Season 17, is breaking into the real estate industry and will join the cast of HGTV’s House Hunters International.
- In the first episode of the season, which aired on Tuesday, May 28, Luyendyk helps a couple search for a new home in the Netherlands, his native country.
- Luyendyk has to work to reset expectations as the couple is disappointed by how expensive and small the homes are in Amsterdam. Something a New York City agent can relate to, right?