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Mortgage Rates Remain at Second Lowest Level of the Year According to Bankrate.com Weekly Survey

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NEW YORK, NY – Mortgage rates were small changed despite a strong jobs report for July, with the benchmark 30-year fixed mortgage rate remaining at 3.56 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.23 discount and origination points.

The larger jumbo 30-year fixed went to a record low for the second consecutive week at 3.58 percent, while the average 15-year fixed mortgage rate inched higher to 2.84 percent. Adjustable mortgage rates were slightly higher, with the 5-year ARM rising to 3.04 percent and the 10-year ARM climbing to 3.47 percent.  

There was small movement and no clear trend in mortgage rates this week, with various products posting slight declines, minor increases, or no change at all. This comes despite the release of a better-than-expected employment report for July that also saw upward revisions to the job growth of the two previous months. The low level of long-term bond yields, to which mortgage rates are closely related, in the face of bullish economic data shows the market’s skepticism about a Federal Reserve interest rate hike before December. Unless, or until, Fed Chair Janet Yellen sends a different 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: 0.23)
15-year fixed: 2.84% — up from 2.83% last week (avg. points: 0.19)
5/1 ARM: 3.04% — up from 3.01% 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. The consensus, according to 70 percent of the panelists, is that mortgage rates will remain more or less unchanged over the next week, while 20 percent forecast a decline. Just 10 percent predict an increase in mortgage rates over the next seven days.

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In recovering housing market, the starter home remains elusive

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(RECAP: Low interest rates and an improving job market have made a wave of prospective first-time homebuyers, but they’re being stymied by a dearth of available starter homes. Nationwide, the inventory of homes costing $250,000 or less fell more than 12 percent between June 2015 and June 2016, according to the National Association of Realtors. The shortage stems from higher labor, land and building permit costs that have caused construction companies to focus on higher-end homes that bring more profit. In addition, institutional investors are snapping up affordable homes by the thousands in select markets nationwide and converting them to rentals. Over the past four years, the number of entry-level homes for sale – defined as those priced in the lower third of a local market – has fallen by 34 percent.)

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Olympus Property Launches New Fund with Acquisition of Two Multifamily Assets in Dallas Market

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FORT WORTH, TX – Olympus Property continues to expand their DFW portfolio in 2016 with the acquisition of Mansions at Woodbridge (renamed Olympus Woodbridge) in Sachse, Texas and The Davis in Fort Worth, Texas. Together these assets will be kicking off Olympus Property’s sixth fund, WW Olympus Property VI, LLC.

Built in 2014, Olympus Woodbridge is a Class “A” garden-style community comprised of 381 units situated on over 18 acres. The property is particularly attractive to residents due to its close proximity to two of DFW’s largest employment centers—the CityLine Development and the Telecom Corridor. In addition, Olympus Woodbridge is located in the highly desirable Wylie ISD, an “Exemplary” school district in Texas.  Olympus Woodbridge is the final property to be added to Olympus Property’s fifth fund.

“Woodbridge offers its residents one of the highest quality products in the entire DFW metroplex with an brilliant cash flow to our partners,” said Anthony Wonderly, co-founder of Olympus Property.

Completed in 2016, The Davis is a Class “A” garden-style community comprised of 392 units situated on over 23 acres. The location of The Davis is ideal with simple access to I-30, Hwy 114 and DFW Airport. The community is located within walking distance of American Airlines headquarters and directly influenced by the vast DFW Airport Employment zone delivering a $37 billion economic impact to North Texas.

“We are confident The Davis offers Olympus Property and our partners a tremendous opportunity to buy a premium asset in an exceptional location at a discount to market,” said Chase Bennett, Senior Acquisitions Manager of Olympus Property.

Woodbridge and The Davis are available to accredited investors in Olympus Property’s sixth fund, WW Olympus Property VI, LLC. The investment structure will provide investors an opportunity to diversify among numerous multi-family assets providing immediate cash flow in strong markets throughout the United States.

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