Logan Carlson

On October 1, a big change becomes reality. All HUD-insured multifamily mortgages will move to one uniform Mortgage Insurance Premium (MIP) rate of 0.25%. No multiple tiers, no more extra “Green MIP” reporting hurdles: just straightforward, lower-cost financing. Three months ago, HUD asked for feedback on this proposal. Harper is proud to be the only lender to submit a public comment in support of it—and today, we’re even prouder to see it implemented. This change matters. It will: • Cut financing costs for borrowers • Simplify execution for developers • Encourage more projects to move forward, especially in today’s tight capital environment We thank the U.S. Department of Housing and Urban Development, Secretary Scott Turner, and Principal Deputy Assistant Secretary Frank Cassidy for making this happen. It’s a meaningful step toward expanding access to capital and lowering barriers for multifamily housing. Harper will keep pushing for policies that unlock cheaper, simpler financing for developers nationwide. #multifamily #hud

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Homebuilders are breaking through key levels as the prospect for lower rates fuels optimism for developers, suppliers, and buyers alike. With Lennar's earnings coming out next week and a massive pipeline still in play, TD Direct Investing's Hiren Amin says he'll be watching to see how demand affects the market. Watch the latest episode of TD Active Trader Live to find out what else is on the radar for our trader debaters: https://go.td.com/4gmS2wC New episodes stream every Tuesday at 10 AM on WebBroker and YouTube.

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BREAKING: Century Properties gets SEC nod for P5-B retail bonds at up to 7.628% The sale covers four- and seven-year fixed-rate bonds priced between 6.5080 percent and 7.6280 percent per year under the company’s P12 billion shelf registration. Proceeds will fund residential projects across multiple provinces, supporting an active development pipeline in 2026. Story link in the comments. 👇

The recent decline in mortgage rates—staying below 6.5% for most of September—is a meaningful shift for housing. Though it may not feel like much for those accustomed to 2% or 3% rates, even small drops can have a major impact on affordability.   For example, moving from 7% to 6.5% puts 2.125 million more households in a position to buy. If rates were to fall to 6%, that number more than doubles, pricing in another 4.246 million households.   That said, it's important to consider the underlying reason behind the decline: the cooling labor market. Our historical research shows a consistent two-phase dynamic between the economy and housing:   Phase 1. A slower job market initially reduces housing demand despite lower rates. This is driven by job insecurity and weaker consumer confidence. Phase 2. Falling interest rates eventually outweigh those headwinds, helping revive sales activity.   Right now, the housing market is still in Phase 1. This is consistent with the historical pattern where housing acts as a leading indicator—it slows before the broader economy but also turns the corner sooner. Zonda Alexander Edelman Trevor Tetzlaff Sean Fergus Sarah Bonnarens Tim Sullivan Keith Hughes Cameron McIntosh Kyle Cheslock

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11 Comments

HUD’s recently released draft MAP efficiency guidance says it loud and clear: FHA multifamily financing is evolving swiftly and favorably for borrowers. We wanted to take a moment to call out the big takeaways in the draft changes that could translate into big impacts for multifamily owners and developers. (Note: These aren’t fully approved yet; HUD is expected to publish the final guidance soon.) The five changes that matter most: 1. Higher 223(f) occupancy assumptions 2. Lower non-mortgageable cash in for new construction 3. Earlier lease-up eligibility 4. Updated cost limits 5. Removal of extra large-loan underwriting standards These aren’t one-off updates. They mark the next step in a broader shift for HUD: making FHA multifamily financing easier to execute. HUD wants to streamline underwriting, modernize methodologies, reduce costs, and align more closely with current industry standards. If finalized, the changes to the MAP efficiency guidance further position HUD as a more effective finance partner for multifamily developers, owners, and investors. There’s no specific date set for the final publication, but we’re watching next steps closely. We’ll bring you the latest news when it breaks. Until then, we can help model what your next project may look like when HUD’s updates hit Let’s get the conversation started ➝ contact us at info@x-caliber.com.

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