NEW YORK, NY – Mortgage rates broke a streak of three consecutive declines, with the benchmark 30-year fixed mortgage rate rising to 3.99 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.29 discount and origination points.

The larger jumbo 30-year fixed went over the 4 percent threshold to 4.01 percent, and the average 15-year fixed mortgage rate rose to 3.22 percent. Adjustable mortgage rates were small changed, with the 5-year ARM nosing up to 3.46 percent and the 7-year ARM holding at 3.63 percent.  

After moving lower in each of the past three weeks, mortgage rates rebounded a bit this week. Financial markets breathed a sigh of relief when a North Korean holiday passed uneventfully with no missile tests, and the hurt from Hurricane Irma was less than originally feared. As investors exhaled, the heavy demand for bonds that had driven mortgage rates lower eased, with bond prices slipping and yields rising. Mortgage rates are closely related to the yields on long-term government bonds. This week’s mortgage rates are still the 3rd lowest level of the year.

At the current average 30-year fixed mortgage rate of 3.99 percent, the monthly payment for a $200,000 loan is $953.68.

SURVEY RESULTS

30-year fixed: 3.99% — up from 3.95% last week (avg. points: 0.29)

15-year fixed: 3.22% — up from 3.17% last week (avg. points: 0.22)

5/1 ARM: 3.46% — up from 3.45% 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. The majority – 69 percent – say mortgage rates are headed higher, while the remaining 31 percent predict mortgage rates will remain more or less unchanged.

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SAN DIEGO, CA – Olympus Property and Artemis Real Estate Partners are announced the closing acquisition of their 7th multifamily investment, Broadstone Corsair, in San Diego, California. The property is being renamed Olympus Corsair effective immediately.

Olympus Corsair is located in San Diego’s Kearny Mesa neighborhood, which is one of the city’s largest employment centers and strongest rental markets. Olympus Corsair is one of the nicest multifamily projects within the San Diego metroplex, featuring high-end, Class “AA”, condo quality finishes such as quartz and marble counters, stainless steel appliances, 5 burner stoves and wood plank flooring across the 360 units of luxury apartment homes and a next-level, high end hospitality designed, amenity package to make a resort-inspired living experience.

“We are pleased to be acquiring Olympus Corsair, one of the best designed luxury multifamily properties in Southern California. Our business started in California and Olympus is proud to continue our growth in the gorgeous city of San Diego,” said Chandler Wonderly, Principal of Olympus Property.

Olympus Corsair features an unparalleled amenity package and is the only LEED Gold Certified market-rate apartment community in San Diego. On-site amenities include a resort style pool with poolside cabanas inset with outdoor TVs, an indoor golf simulator room, a two-tale, fitness center with reclaimed parquet wood flooring and a private yoga/dance studio, a clubhouse with demonstration kitchen, library and wet bar, green living wall and a stunning array of seven outdoor courtyard social spaces.

“Southern California is one of our top target markets for long-term core multifamily investing.  Fundamentals are strong with steady job and population growth and unusually high barriers-to-entry, which, we believe, should drive above average operating performance and long-term value appreciation.  Over time, we intend to aggregate a portfolio of high quality, core multifamily properties, similar to Corsair, in Southern California,” said Rich Banjo, Managing Principal at Artemis.

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WASHINGTON, DC – CoStar Group, the leading provider of commercial real estate information, analytics and online marketplaces, announced that it plans to buy ForRent, a division of Dominion Enterprises, pursuant to a definitive agreement for $350 million in cash and $35 million in CoStar Group stock.

ForRent’s primary service is digital advertising through a network of four multifamily websites — which includes ForRent.com, AFTER55.com, CorporateHousing.com and ForRentUniversity.com. ForRent had approximately 17,000 properties advertised on its websites as of June 2017.

Through the first six months of 2017, these sites generated over 47 million visits and an average of 3.5 million unique monthly visitors. ForRent is headquartered in Norfolk, Virginia, and has 475 employees located in 38 offices around the United States.

“We are delighted to welcome the ForRent team and their family of sites to the Apartments.com network,” said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. “We believe this is a beneficial combination for all of our constituents. Prospective renters will have access to the most complete and accurate inventory of apartment availabilities with more than one million rentals spanning apartments, homes, and condominiums. Advertisers will benefit from our unmatched leads-to-lease conversion ratio. ForRent advertisers’ properties will be featured on Apartments.com after the transaction closes increasing their exposure by approximately 500%. For the investors and lenders relying on CoStar for multifamily information and analytics, we expect the addition of properties and data from ForRent will further strengthen our information offering.”

ForRent’s revenue for 2017 is expected to be approximately $100 million and EBITDA is estimated at approximately $15 million, for an EBITDA margin of 15%, based on financial results from the first half of 2017. CoStar expects to achieve synergies of approximately $25 million within 24 months after the acquisition closes, resulting in an adjusted buy price multiple of ten times EBITDA after synergies. 

“110 million renters in the U.S. collectively spend just under half a trillion dollars a year on rent, representing one of the fastest growing consumer market segments,” said Florance. “Our commitment to the multifamily industry has been resolute and evidenced by our investment in marketing, technology and the curation and delivery of original content to make the premier marketplace for renting an apartment in the United States.”

ForRent.com will remain a distinct, complementary brand to Apartments.com.  By offering multiple distinct website marketing solutions, property managers and owners will have more exposure for their listings. CoStar expects to fully integrate the underlying technology that supports its entire multifamily suite of services by mid-2018, thereby efficiently leveraging a common research and listing platform.  Following integration, advertisers will be able to manage all of their listings across the combined networks through a single website. CoStar expects this will result in significant operating efficiencies for the Company, its advertisers, and renters.

“We intend to enhance ForRent.com and its related sites as we did with Apartments.com and ApartmentFinder,” said Florance. “Our research, technology and marketing initiatives have made the most-visited apartment listing site, which in turn delivers unprecedented levels of leads, leases and value to our advertising customers.  We look forward to delivering that same value to all renters and advertisers on the ForRent network of sites.”

“We are pleased to become part of the Apartments.com network,” said Terry Slattery, President of ForRent. “CoStar’s commitment to and investment in the multifamily space has made an exceptional platform that provides renters outstanding visibility with the highest quality of listings while providing property managers exceptional value through tremendous lead conversion. ForRent has partnered with its valued customers for decades and we believe that our customers and users will greatly benefit from this terrific combination.”

Florance stated, “I am looking forward to working with the fantastic team at ForRent and welcoming them to the Apartments.com family. The entire team at Apartments.com is dedicated to building and growing commercial real estate’s premier online apartment platform across the $3.5 trillion U.S. multifamily asset class.”

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