NEW YORK, NY –  Mortgage rates went higher this week with the benchmark 30-year fixed mortgage rate rising to 3.56 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 bumped up to 3.58 percent after tying a record low last week, while the average 15-year fixed mortgage rate climbed to 2.85 percent. Adjustable mortgage rates were on the rise as well, with the 5-year ARM rising to 3.07 percent and the 7-year ARM reaching 3.24 percent.    

Mortgage rates started to go higher amid increased speculation about forthcoming Federal Reserve interest rate hikes. Improved readings on consumer sentiment and a brighter than expected outlook from the manufacturing sector, along with tough talk on interest rates from the President of the Federal Reserve Bank of Richmond Jeffrey Lacker, had investors increasing the odds of a December interest rate hike. Yields on long-term bonds, to which mortgage rates are closely related, went higher in response.

At the current average 30-year fixed mortgage rate of 3.56 percent, the monthly payment for a $200,000 loan is $904.80.

SURVEY RESULTS

30-year fixed: 3.56% — up from 3.54% last week (avg. points: 0.24)

15-year fixed: 2.85% — up from 2.82% last week (avg. points: 0.20)

5/1 ARM: 3.07% — up from 3.04% last week (avg. points: 0.25)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets. But, this week’s survey was conducted on Tuesday due to Hurricane Matthew’s approach to the southeastern U.S.

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 of respondents – 62.5 percent – expect mortgage rates to rise over the next week, while 37.5 percent predict further declines. None of the experts foresee mortgage rates remaining more or less unchanged in the coming week.

Powered by WPeMatico

SPARKS, NV – MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of the 240-unit apartment community, Reflections at the Marina Apartments, in Sparks, Nevada, formally known as Green Leaf at the Marina.

Built in 1980, Reflections at the Marina is located in the heart of Sparks, NV.  Its proximity to Interstate 80 provides residents with convenient access to the Tahoe-Reno Industrial Park, one of the largest industrial parks in North America and home to the anticipated $5 billion Tesla Gigafactory. 

The property is also adjacent to The Sparks Marina Park, a 77-acre lake filled by a naturally occurring aquifer, which provides residents with additional amenities such as windsurfing, sailing, swimming, a dog-park, sports facilities and picnic areas.  MG Properties plans a $5 million renovation to the 240-unit low-density property which will upgrade the exterior structures, common areas and interior finishes.

The sellers were represented by Kenneth Blomsterberg, Ryan Rife and Ben Nelson of Marcus and Millichap. The acquisition was financed with a bridge loan from Key Bank, arranged by Brooks Benjamin.

According to Christian Garner, MGPG’s Chief Investment Officer, “This property represents a fantastic fit for our Reno / Sparks portfolio and allows us to reposition an asset in an improving, dynamic market with forecast employment growth exceeding 6,500 jobs in the industrial park alone”.

Reflections at the Marina marks MG Properties Group’s eleventh acquisition in the past year.  The eleven acquisitions total approximately 3,500 units and $525,000,000 in combined buy price. The company is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon, and Washington. 

Powered by WPeMatico