NEW YORK, NY – Mortgage rates fell further this week, with the benchmark 30-year fixed mortgage rate now at the lowest point since May 2013, 3.69 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.19 discount and origination points.

The larger jumbo 30-year fixed tied a record low of 3.67 percent, and the average 15-year fixed mortgage rate fell back below the 3 percent mark to 2.94 percent. Adjustable mortgage rates went noticeably lower as well, with the 5-year and 7-year ARMs sinking to 3-year lows of 3.05 percent and 3.23 percent, respectively.     

Mortgage rates pulled back for a third week in a row, falling to the lowest level in more than three years. Investors despise uncertainty and the looming will-they-stay-or-will-they-go vote about the United Kingdom remaining in the European Union – known as the Brexit – has produced heightened volatility in financial markets around the globe. Yields on long-term German government bonds dipped into negative territory and globally there is now more than $10 trillion in debt with a negative yield. This only increases the appeal of U.S. Treasuries, which in addition to being ultra-safe, also carry yields that seem high-yield by comparison with the 10-year note currently at 1.6 percent. As investors pour money into U.S. debt this keeps those long-term interest rates low, regardless of what the Fed may or may not do with small-term interest rates. Mortgage shoppers are the beneficiaries of this as mortgage rates are closely related to the yields on long-term government bonds.  

At the current average 30-year fixed mortgage rate of 3.69 percent, the monthly payment for a $200,000 loan is $919.44. 

SURVEY RESULTS

30-year fixed: 3.69% — down from 3.74% last week (avg. points: 0.19)

15-year fixed: 2.94% — down from 3.00% last week (avg. points: 0.17)

5/1 ARM: 3.05% — down from 3.13% last week (avg. points: 0.21)

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. There is division among the panelists, with 54 percent predicting further declines in mortgage rates and 46 percent expecting mortgage rates to remain more or less unchanged in the coming week. None of this week’s respondents forecasts an increase in mortgage rates over the next seven days.

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PHOENIX, AZ – Gardner Capital Development has been awarded a reservation of Low Income Housing Tax Credits from the Arizona Department of Housing to develop the El Caro Senior Residences, an $18 million affordable senior housing project consisting of 102 energy-efficient one- and two-bedroom apartments. The site is located one-half mile from the Metro Light Rail Station at the intersection of 19th and Northern avenues.

Construction of the development, named after the former golf course located at the site, is anticipated to start in the first quarter of 2017, with completion expected 15 months after construction starts. All units will be leased to seniors earning generally between $18,000 and $34,000 in household income, with a mix of apartments set aside at 40-60 percent of Metro Phoenix median income. Twenty-five percent of the units will be reserved for seniors or family members with developmental disabilities. Gardner Capital Development will serve as the project lead developer. Reid Butler and Scott Davis will serve as additional advisors to the project. The United Cerebral Palsy Association of Central Arizona will provide supportive services for the housing community when completed.

“We consider it our mission to build sustainable high-quality housing for seniors and, in the process, make and solidify long-term partnerships within the community,” said Michael Gardner, principal at Gardner Capital. “We are thrilled to be partnering with the United Cerebral Palsy Association, an organization that will help provide our residents with the utmost care and services.”

When completed, the 5-acre development will offer residents special amenities including a two-tale clubhouse and community center in the middle of the complex, as well as open space, conference rooms and multipurpose rooms. The site will also offer an open courtyard, with gathering and barbecue areas. Each of the three, three-tale buildings will have an elevator. UCP will be using the onsite clubhouse and community center to provide supportive services to the residents. 

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