SAN MATEO, CA – Elder Care Alliance announced it has bought The Villa at San Mateo, an independent living community for seniors. The 135-unit apartment community marks the first acquisition of an existing community by Elder Care Alliance, an Alameda, Calif.-based nonprofit organization that has a 100-plus year history of serving and enriching the holistic wellness of older adults.

The Villa at San Mateo’s 4.5-acre campus is a beloved and historic mid-century gem located 20 miles south of San Francisco and 15 miles north of Palo Alto. With the buy, Elder Care Alliance now serves upwards of 660 residents on five campuses throughout California. Other Elder Care Alliance communities include AlmaVia of Camarillo, AlmaVia of San Francisco, AlmaVia of San Rafael and Mercy Retirement & Care Center.

“Elder Care Alliance is excited to welcome The Villa at San Mateo into our family. With its rich history and unique offerings, it is a vibrant community for older adults. We are extremely pleased to expand our footprint in the San Francisco Bay Area and offer more affordable independent living options for older adults,” said Adriene Iverson, president and CEO of Elder Care Alliance.

Iverson noted that adding The Villa at San Mateo to the Elder Care Alliance portfolio helps solidify its mission of serving and enriching the holistic wellness of older adults at different stages of their lives.

“The Villa’s current professional staff has joined the Elder Care Alliance team. They have played an integral role in making The Villa at San Mateo such a special place, so we are pleased that they will be continuing their excellent work,” Iverson said. “The Elder Care Alliance team plans to explore ways to support healthy aging in place, whether through the use of technology or new services. We are committed to enhancing the array of services already offered at The Villa.” 

She added, “We look forward to joining the San Mateo community and collaborating with city and county officials, local businesses and faith organizations to help maintain innovative, high-quality and more affordable housing options for seniors on the Peninsula.”

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NEW YORK, NY – Mortgage rates started off 2017 much differently than they finished up 2016 as mortgage rates pulled back, breaking a streak of nine consecutive weekly increases. The benchmark 30-year fixed mortgage rate settled at 4.21 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.28 discount and origination points.

The larger jumbo 30-year fixed pulled back to 4.28 percent, and the average 15-year fixed mortgage rate dropped to 3.45 percent. Adjustable mortgage rates were mostly lower as well, with the 5-year ARM slipping to 3.50 percent and the 7-year ARM sinking to 3.77 percent.

After rising for nine weeks in a row and twelve out of thirteen weeks during the fourth quarter of 2016, mortgage rates retreated. The run-up in both bond yields and mortgage rates was predicated on expectations for government stimulus and tax cuts that would boost the pace of economic growth and the level of inflation. As 2016 came to a close and 2017 got underway, some skepticism has begun to creep in about the timing and effectiveness of any stimulus matching up to investors’ very rosy expectations. Both bond yields and mortgage rates reversed course in response.  

At the current average 30-year fixed mortgage rate of 4.21 percent, the monthly payment for a $200,000 loan is $979.20.

SURVEY RESULTS

30-year fixed: 4.21% — down from 4.32% last week (avg. points: 0.28)

15-year fixed: 3.45% — down from 3.57% last week (avg. points: 0.22)

5/1 ARM: 3.50% — down from 3.57% last week (avg. points: 0.32)

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 seven days. The panelists are honestly evenly divided this week, with 36 percent expecting mortgage rates to continue falling and an equal 36 percent forecasting that mortgage rates will remain more or less unchanged over the coming week. The remaining 28 percent of respondents predict mortgage rates will resume their climb during the next seven days.

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