McCaig We've written a lot about CRE lending and its impact on U.S. banks. Another side to this story is that a significant number of CRE loans are packaged into debt securities called CMBS (Commercial Mortgage Backed Securities). There has been some interesting news that has led to some notable movement in the CMBS market. First, according to KBRA's CMBS Trend Watch, CMBS issuance has reached $43.7 billion so far this year, which is already 11% higher than the $39.3 billion expected for all of 2023. This large increase in new CMBS is likely due to a significant deterioration in…
Author: Private Lending Agent
Jamie Dimon, President and CEO, Chairman and CEO of JPMorgan Chase, speaks on CNBC's Squawk Box during the World Economic Forum Annual Meeting in Davos, Switzerland on January 17, 2024. Adam Gallici | CNBCJPMorgan Chase & Co. Chief Executive Officer Jamie Dimon on Friday issued a new warning about inflation, despite recent signs that price pressures have eased.”While we have made some progress in reducing inflation, multiple drivers of inflation remain, including large budget deficits, infrastructure needs, trade reorganization, and global rearmament,” Dimon said in a statement on the Fed's second-quarter earnings call. “As a result, inflation and interest rates…
Jamie Dimon, President and CEO, Chairman and CEO of JPMorgan Chase, speaks on CNBC's Squawk Box during the World Economic Forum Annual Meeting in Davos, Switzerland on January 17, 2024. Adam Gallici | CNBCJPMorgan Chase & Co. Chief Executive Officer Jamie Dimon on Friday issued a new warning about inflation, despite recent signs that price pressures have eased.”While we have made some progress in reducing inflation, multiple drivers of inflation remain, including large budget deficits, infrastructure needs, trade reorganization, and global rearmament,” Dimon said in a statement on the Fed's second-quarter earnings call. “As a result, inflation and interest rates…
Industrial buildings are often visually unattractive, but to developers and investors they can be just as good as that big coveted house at the end of a cul-de-sac. Demand for the low-rise, nondescript concrete warehouses, distribution centers and manufacturing buildings popping up in the Twin Cities suburbs remains very strong even as other major segments of the commercial real estate industry stagnate, but construction hasn't surged enough to meet demand. The average vacancy rate for industrial buildings in the metropolitan area has hovered around 4.5% over the past six months, 1% higher than a year ago and slightly below the…
Milton Friedman famously taught that monetary policy operates on a long and variable time lag, meaning that we should expect the effects of raising or lowering interest rates to occur after a long lag, rather than immediately. One implication of Friedman's teachings is that if the Fed waits for the clearest signs that the economy is cooling and inflation is falling, it is likely to wait too long to avert a recession. If the Fed belatedly lowers interest rates, it will not have enough time to halt the economic slowdown. This seems especially true now, as the Fed's high interest…
JPMorgan Chase & Co. reported another strong quarterly result, but Chief Executive Officer Jamie Dimon reiterated his warning about some of the risks the bank remains vigilant about.Spotify introduces comment feature to podcastsThe U.S. bank, the largest by assets, reported second-quarter earnings on Friday that showed net income of $18.1 billion, or $6.12 a share, up 25 percent from $14.5 billion a year ago. Wall Street analysts had expected profit of $17.3 billion, or $5.88 a share, according to FactSet.The company reported sales of $50.2 billion for the three months ended June 30, well above analysts' expectations of $42.23 billion,…
Jonah Images/Getty Images For a 30-year fixed rate mortgage, the average rate you're currently paying is 6.94%, down -0.14% from last week. The average rate for a 15-year fixed mortgage is 6.41%, down -0.13% from last week. Check out the chart below for mortgage rate trends. The Federal Reserve has held off on interest rate cuts due to slow improving inflation. Experts expect mortgage rates to gradually decline in the coming months, but housing market forecasts can always change depending on economic data, geopolitical events, and more. Current average mortgage interest rates Refinancing your mortgage Average mortgage rates as of…
A sign in the window of a mortgage lender's office in Lake Oswego, Oregon, in 2020. Anyone considering buying a home can attest that mortgage rates in the United States remain high. In June 2024, 30-year fixed-rate mortgage rates were around 6.9%. By comparison, in January 2019, just before the pandemic, they were around 3.6%. Will mortgage rates fall from their current high levels? While predicting the future is never certain, the chances that mortgage rates will fall are actually quite high. Given recent monetary policy, it is reasonable to assume that inflation will eventually return to 2% per year,…
The Crown Estate has revealed details of its commercial property development plans in London's West End. The company claims that the first three projects, with a total development value of more than £430 million, will provide 250,000 square feet of office, leisure and retail space in the heart of the capital, helping to drive the regeneration of the West End, attract global investment and contribute to London's wider success. The delivery of the development forms a core part of the Crown Estate's wider strategy across its London portfolio, which the company says will contribute to delivering a more accessible, diverse…
Editor's note: We earn commission from Forbes Advisor partner links. Commissions do not influence our editors' opinions or ratings. Refinance rates for 30-year fixed loans dropped today. According to Curinos, the average refinance rate for a 30-year fixed mortgage is 7.41%. For a 15-year fixed mortgage, the average refinance rate is 6.57% and for a 20-year mortgage, it's 7.09%. Related: Compare current refinance rates Refinance rate for July 12, 2024 Source: Curinos See moreSee more 30-year fixed refinance rate The average interest rate for refinancing a 30-year fixed rate mortgage has dropped since yesterday to 7.41%. A week ago, the…