The downward slide in mortgage rates produced a new milestone this week, according to Freddie Mac’s latest primary mortgage market survey. The 30-year fixed-rate mortgage averaged 3.07 percent for the week ending July 2, down 0.06 percentage points from the week before and down 0.68 points year-over-year. It is the lowest rate on record since the survey began in 1971. “Mortgage rates continue to slowly drift downward with a distinct possibility that the average 30-year
UPDATED: July 2, 2:20 p.m.: A decade after starting Nestio to help landlords manage their rental portfolios, co-founder Caren Maio is stepping down as the company’s chief executive. In a widely-shared email, Maio said the company was rebranding as Funnel, and that COO Tyler Christiansen would take over as CEO. Maio will move into the role of president and chairman. “This is just the beginning,” she promised, adding that the company hit an “inflection point”
A team of developers is planning a $2 billion, 2.7 million-square-foot mixed-use development in Astoria. Kaufman Astoria Studios, Silverstein Properties and Bedrock Real Estate Partners unveiled their plans Wednesday for the Queens megaproject, which they’re calling “Innovation QNS.” The development will cover five blocks at the intersection of Steinway Street and 35th Avenue and will include 2,700 units of mixed-income housing, the developers announced. Of those units, 700 will be set aside as affordable housing.