08/01/2026
August is here! Traditionally, we start thinking about the start of school, football season, and maybe one last summer getaway. This year, we must also turn our attention to condos! Several changes to condo financing take effect Monday, August 3rd. Fannie Mae and Freddie Mac are retiring their abbreviated condo review options, pushing more projects into Full Review. That means there’s more scrutiny on HOA budgets, reserve requirements, master insurance policies, and inspection reports. However, don’t worry! Your PLS Team is here! We have an entire condo project review team behind us to help you and your customers navigate these changes.
Rates continued their upward trend this week. According to Freddie Mac’s weekly survey released yesterday, the average 30-year fixed mortgage rate rose to 6.66%. However, that seemed like old news today as the bond market reacted negatively to even higher oil prices and headlines from two Federal Reserve officials who said they favor raising short term rates to slow down inflation. Their comments came only two days after the Federal Reserve voted to hold the federal funds rate steady. Three voting members did dissent, favoring a hike. The 10-year Treasury yield jumped as the decision came out this week. Mortgage rates tend to track the 10-year Treasury, and now rates are ending the week closer to 7% than 6.5%.
