In the wake of this new rule, FHA borrowers will have a choice between federal flood insurance and private flood insurance.

The largest single-week decline in conventional mortgage rates since July brought the first increase in home-loan applications since September, the Mortgage Bankers Association said. 

Georgia-based Infinity RE Impact recently acquired a 13-asset portfolio of affordable multifamily communities in Georgia and South Carolina. 

The move comes as the company prepares to begin construction of the 37-home second phase of the development, Sweetwater Springs. 

The mixed-use tower will bring 460 apartments and 97,500 square feet of commercial space to Midtown when it opens in late 2024. 

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. 

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. 

Mortgage applications declined 1.2% during the week ended Sept. 9, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. 

Worsening affordability challenges are affecting first-time homebuyers

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. 

Overall mortgage-application volume was at its lowest level since 2018, the Mortgage Bankers Association said.

The Arya Peachtree stands 12 stories tall and includes 282 units. 

“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

Infinity Real Estate Advisors LLC used two loans aggregating $60 million to make the acquisitions. 

“Looking ahead, the potential for higher inflation amidst disruptions in oil and other commodity flows will likely lead to a period of volatility in rates.” — MBA associate vice president of economic and industry forecasting Joel Kan 

“Be a kind human, treat everyone equally.” — April Crawford, senior mortgage loan originator, Southeast Mortgage of Georgia Inc.