NEW YORK, NY – Mortgage rates slipped lower this week, with the benchmark 30-year fixed mortgage rate dropping to 4.29 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.24 discount and origination points.

The larger jumbo 30-year fixed slid to 4.22 percent and the average 15-year fixed mortgage rate stepped down to 3.49 percent. Adjustable mortgage rates also declined, with the 5-year ARM sliding to 3.44 percent and the 7-year ARM to 3.68 percent.  

Mortgage rates retreated to one-month lows, continuing declines that started with the Federal Reserve’s quarter-point interest rate hike. The Fed rate hike and dropping oil prices help keep a lid on inflation, which coupled with the suddenly wobbly stock market, are excellent news for long-term bonds and mortgage rates. Mortgage rates are closely related to yields on long-term government bonds. If investors continue to exhibit skepticism about the likelihood of new fiscal stimulus measures, this will produce a flight to quality that continues to benefit mortgage borrowers. If animal spirits return, or we get details from the administration that investors cheer, mortgage rates will quickly reverse course.

At the current average 30-year fixed mortgage rate of 4.29 percent, the monthly payment for a $200,000 loan is $988.57.

SURVEY RESULTS

30-year fixed: 4.29% — down from 4.44% last week (avg. points: 0.24)

15-year fixed: 3.49% — down from 3.64% last week (avg. points: 0.22)

5/1 ARM: 3.44% — down from 3.60% last week (avg. points: 0.29)

Bankrate’s national weekly mortgage survey is conducted each 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 week. The majority of panelists, 55 percent, expect mortgage rates will remain more or less unchanged over the next seven days.   Of the remaining experts, 36 percent predict mortgage rates will decrease and just 9 percent expect mortgage rates to rise in the coming week.

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NEW YORK, NY – Besyata Investment Group and The Scharf Group, both NY-based single family offices, along with their partners, Pensam Residential and BH Equities, have bought Park at Hurstbourne and Woodcrest Village for a buy price of $74 million.

BH Management, Besyata’s long-standing partner and leading property manager of 65,000 apartments in 23 states, will oversee the day-to-day property management and leasing for both assets.

Park at Hurstbourne, a 689-unit 1972-vintage garden style multifamily apartment complex, resides on 44 acres in Louisville, KY. The property offers superior amenities, including an indoor pool, basketball court, two clubhouses, and a daycare. The submarket has an established hub of large employers, including GE, Ford, and UPS, which have been expanding operations in the area. With the growing job market and continued population growth, the submarket has a strong demand for class B units.1

Woodcrest Village, a 344-unit 1990-vintage garden style multifamily apartment complex, which has undergone a complete exterior transformation, resides on 34 acres in Lithonia, GA. Atlanta has one of the nation’s highest population and employment growths and is home to 25 fortune 500 headquarters. The property is in a nearby suburb of Atlanta in an expanding medical and distribution center with access to 500,000+ jobs in a 15-mile radius.

Besyata and Scharf Group plot to add value to the communities by creative modernization of the amenities and gradual unit renovations. Both properties benefit from strong market fundamentals and organic rent growth. Besyata and Scharf Group believe that investing in value-add class B multifamily transactions in well-positioned class B suburbia near growing cities presents a prime opportunity to generate attractive risk-adjusted returns in the multifamily space.

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