NEW YORK, NY – Mortgage rates posted only subtle movements this week, with the benchmark 30-year fixed mortgage rate holding at 3.56 percent for a third consecutive week, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.25 discount and origination points.

The larger jumbo 30-year fixed nudged higher from last week’s record low to 3.61 percent, while the average 15-year fixed mortgage rate was unchanged from last week at 2.84 percent. Adjustable mortgage rates were slightly changed, with the 5-year ARM nosing higher to 3.05 percent and the 7-year ARM stepping back to 3.25 percent.  

It was another week of small movement and no clear trend in mortgage rates, as there were no blockbuster economic releases or major Federal Reserve pronouncements. There was a small bit of jawboning from the Fed about the possibility of interest rate hikes before year-end, but the July meeting minutes that were released showed this was far from a consensus view. While markets have bumped up expectations of an interest rate hike by the end of the year, the effect on mortgage rates to this point has been nil. Unless, or until, Fed Chair Janet Yellen sends a clear message, mortgage rates appear to be range bound.

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% — unchanged from last week (avg. points: 0.25)

15-year fixed: 2.84% — unchanged from last week (avg. points: 0.19)

5/1 ARM: 3.05% — up from 3.04% last week (avg. points: 0.27)

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. Three-quarters of the panelists expect mortgage rates will remain more or less unchanged over the next week, while the other 25 percent forecast an increase. Fascinatingly, none of this week’s respondents predicts a decline in mortgage rates over the next seven days.

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LOS ANGELES, CA – CIM Group announced today that it has commenced construction of a 34-tale apartment tower with 6,000 square feet of ground floor retail space and a public pocket park at 888 S. Hope Street in downtown Los Angeles.

The building is rising at the corner of 9th Street and Hope, adjacent to a seven-tale, 654-stall parking structure completed by CIM that includes a 5,000-square foot Petco.

The 525-unit apartment tower will offer contemporary residences ranging in sizes and floor plans, and will feature many large communal gathering spots. A 30,000-square-foot rooftop deck atop the parking structure, accessed from the apartment building’s eighth floor, is designed with an outdoor pool, lounge, garden and other green spaces and recreation areas. In addition, the 34th floor of the building will include a lounge and a large outdoor terrace.

888 S. Hope is located in the heart of the well loved South Park district, a walkable downtown neighborhood that provides many shopping, dining and entertainment options including the Ralphs supermarket and other retailers across the street in a property also developed by CIM.

CIM has a long history as an investor and developer in downtown Los Angeles when it identified the area as being underserved in residential and retail offerings. The company has renovated and repositioned numerous assets, including the Flower Street Lofts condominiums, which were the first condominiums developed under the city’s adaptive reuse ordinance, followed by the adaptive conversion of the former Gas Company office buildings into the Gas Company Lofts apartments, and Sky Lofts at 801 S. Grand. CIM also completed ground-up developments including the Market Lofts and retail that includes the Ralphs supermarket.

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