NEW YORK, NY – Mortgage rates increased for a second consecutive week, with the benchmark 30-year fixed mortgage rate rising above the 4 percent threshold to 4.04 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.28 discount and origination points.

The larger jumbo 30-year fixed climbed to 4.09 percent, and the average 15-year fixed mortgage rate stepped up to 3.25 percent. Adjustable mortgage rates were mostly higher, with the 5-year ARM ascending to 3.52 percent and the 7-year ARM increasing to 3.69 percent.   

Mortgage rates increased for a second consecutive week, but only modestly. Mortgage rates are at levels seen just a handful of weeks ago, with bond yields and mortgage rates rebounding as market tensions eased. A temporary agreement to avoid a debt default and government shutdown were reached, chatter about forthcoming tax reform is louder than ever, and despite the continued exchange of barbs with North Korea markets have been unfazed. The widely expected announcement by the Federal Reserve about beginning to downsize their $4.5 trillion bond portfolio in October also had bond investors unwinding some of their positions. As investors lightened their bond holdings, it pushed yields on government and mortgage backed bonds higher.  Mortgage rates are closely related to yields on long-term government bonds.

At the current average 30-year fixed mortgage rate of 4.04 percent, the monthly payment for a $200,000 loan is $959.45.

SURVEY RESULTS

30-year fixed: 4.04% — up from 3.99% last week (avg. points: 0.28)

15-year fixed: 3.25% — up from 3.22% last week (avg. points: 0.23)

5/1 ARM: 3.52% — up from 3.46% last week (avg. points: 0.35)

Bankrate’s national weekly mortgage survey is conducted every Wednesday from data provided by the top 10 banks and thrifts in 10 top markets. For a full analysis of this week’s go in mortgage rates, go to www.bankrate.com

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. There is no clear consensus this week, as 46 percent of respondents predict mortgage rates will remain more or less unchanged, while 31 percent forecast an increase. Just 23 percent expect a decline in mortgages over the coming week.

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DENVER, CO – Southern Land Company (SLC), has opened Centric LoHi, its first apartment community in Denver. The mixed-used, multifamily development started welcoming its first residents earlier this month. Centric LoHi features 302 luxury apartments spread between two buildings at 18th Street and Central Avenue in the city’s Lower Highland neighborhood. The community’s leasing office is also now open at 2525 18th Street.

“We’re thrilled to be in the Denver market and to be able to showcase the commitment to high-quality development our company is known for,” said Cindy DeFrancesco, Senior Vice President at SLC. “Centric LoHi is the perfect community for residents who want upgraded amenities and simple access to all Denver has to offer.”

Centric LoHi will broaden the mix of units available in Denver’s in-demand LoHi neighborhood, offering residents 42 studios, 50 efficiencies, 140 one bedroom apartments and 70 two-bedroom apartments to choose from, with starting rents of $1,489. The community will also provide a number of upscale features including a resort-style, saltwater pool and hot tub, 24-hour fitness center and an on-site pet grooming salon. In addition, residents can socialize in one of the many courtyards, the Club Room, the game room, the wine lounge, or on the rooftop deck overlooking downtown Denver.

SLC also incorporated a number of green features in its first Denver development, including Energy-Star rated appliances, on-site recycling services and covered bicycle and ski equipment storage. With its close proximity to restaurants, bars, retail services and downtown attractions, Centric LoHi is also a convenient choice for residents who prefer to walk or ride bikes around town.

The mixed-use community includes 9,300 square feet of restaurant space, including The Bindery, a new concept from renowned local chef Linda Hampsten Fox, and a new upscale Italian café, Marcella’s. Both are scheduled to open this fall.

Southern Land Company builds quality communities that enhance the lives of residents and tenants across the United States. With a comprehensive set of services that span the entire development cycle, SLC delivers distinctive settings where people want to live, work and shop.

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SCOTTSDALE, AZ – Mark-Taylor Residential was recently tapped to manage three multifamily properties in some of the most lucrative areas in metropolitan Phoenix, building on the company’s growing portfolio of upscale properties. The three communities, The Hyve in Tempe, Slate Scottsdale in North Scottsdale and The Met at Fashion Center, are ideal complements to Mark-Taylor’s luxury portfolio.

“These communities are in submarkets we know well, and are both tremendous class-A assets,” said Mark-Taylor Residential President John Carlson. “We are committed to making the best living experience possible for our residents and to being the most financially competent and strategically thoughtful company for our client.”

The Hyve (formerly known as Alta Tempe) is a 296-unit, four-tale community in close proximity to ASU and in a fantastic location for young professionals seeking a more urban living experience. Mark-Taylor oversaw the re-branding of the community to target and appeal to major employers in the area, including State Farm, DriveTime and Carvana. The bold colors and décor of the common areas and clubhouse contribute to a fun atmosphere, with plank-floor hallways leading to spacious units that include stainless appliances, kitchen islands with pendant lighting, full-size washer and dryer, walk-in closets and other high-end appointments.

Slate Scottsdale (formerly known as Alta Paradise Ridge) is a 278-unit class-A, contemporary community in North Scottsdale. The mid-rise property has contemporary modern architecture, a rooftop deck, high-end finishes and in-unit technology packages. Located in North Scottsdale just southwest of the 101 and Scottsdale Road, Slate Scottsdale is within minutes of shopping destinations Kierland Commons and Scottsdale Quarter. It boasts a private pool, cabanas, outdoor fireplaces, ping pong, a bocce ball court and a 13-foot HD flat-screen TV wall.

The Met at Fashion Center encompasses 303 units located just west of the upscale Chandler Fashion Center, putting it within walking distance to hundreds of restaurants, retail and high-end shopping destinations. One of Chandler’s newest multifamily communities, The Met was built in 2015 and boasts top-of-the-line finishes, gourmet kitchens and elevated ceilings, as well as resort-style pools, a wine bar, dry sauna and sand volleyball court.

Mark-Taylor operates more than $2.5 billion in multifamily investment real estate, encompassing 40-plus communities in Arizona and Nevada.

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