NEW YORK, NY – Mortgage rates were down very slightly this week, with the benchmark 30-year fixed mortgage rate inching lower to 3.81 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.18 discount and origination points.

The larger jumbo 30-year fixed fell more sharply, to 3.76 percent, and is now lower than the smaller conforming loan which reasserts a trend that has prevailed for most of the past year. The average 15-year fixed mortgage rate eked out a decline to 3.05 percent this week. Adjustable mortgage rates were mostly lower, with the 5-year ARM nosing downward to 3.22 percent and the 10-year ARM sinking to 3.59 percent.      

Mortgage rates showed small change this week following a recalibration of interest rate expectations that had pushed rates modestly higher each of the two previous weeks. While comments from the Federal Reserve have markets prepared for a likely interest rate hike in coming months, the outlook for the upcoming June meeting is uncertain. The usual bevy of economic data that is a staple of the end of one month and beginning of another will be highlighted by the monthly employment report on Friday. A solid jobs report will further cement the thought of a summer interest rate hike, likely pushing mortgage rates up a bit.  

At the current average 30-year fixed mortgage rate of 3.81 percent, the monthly payment for a $200,000 loan is $933.05.

SURVEY RESULTS

30-year fixed: 3.81% — down from 3.82% last week (avg. points: 0.18)

15-year fixed: 3.05% — down from 3.06% last week (avg. points: 0.15)

5/1 ARM: 3.22% — down from 3.23% last week (avg. points: 0.18)

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. Once again the panelists are evenly split, with 42 percent expecting further increases and 42 percent predicting that mortgage rates will remain more or less unchanged in the coming week. Just 16 percent forecast a decline in mortgage rates in the next seven days.

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CHICAGO, IL – CIM Group has completed construction of the 690-unit Marquee at Block 37 apartment tower, setting the stage for moving in the first residents on June 1. Rising 34 tales atop the northern end of the four-level Block Thirty Seven retail center, the sleek, glass-clad apartment tower offers sweeping views of Chicago and is one of the largest newly-constructed apartment buildings in the city. Marquee brings new transit-oriented residences to The Loop, offering direct access to the city’s extensive pedway system, which connects tenants to many local businesses and attractions as well as the red and blue CTA lines.

Located at 25 West Randolph Street in the heart of Chicago’s State Street retail corridor and Theatre District, Marquee at Block 37 offers modern studio, one- two- and three-bedroom floor plans with a host of on-site amenities including a spacious outdoor pool and sundeck, fire pits, rooftop hot tub and terraces, dog run and wash, fitness center, event room, business center and an expansive outdoor terrace overlooking State Street. The leasing office for Marquee has now relocated on site.

The 275,000-square-foot Block Thirty Seven retail center is itself a top-tier amenity, just a private elevator ride away for Marquee residents. Block Thirty Seven offers an array of shopping, dining and entertainment options, including such recent additions as an 11-screen AMC Dine-In Theatre and the well loved 22,000-square-foot Latinicity, a sophisticated casual dining hall featuring multiple authentic Latin cuisine options made by Richard Sandoval Restaurants. Coming soon, adding to the center’s premier dining options, is The Dearborn – an Urban American Tavern from the Lawless family set to open at the corner of Randolph and Dearborn Streets.

Completion of Marquee is the final phase of the mixed-use Block Thirty-Seven development at this prominent State Street location. CIM Group, which bought the retail center at 108 N. State Street in February 2012, has applied its experience and proven track record of making successful urban mixed-use properties located in major U.S. markets to the repositioning of the center as an attractive destination for the community, including the addition of the anticipated residential tower, which started construction in October 2014. The tower and retail center are among CIM’s growing portfolio of investments in Chicago’s Loop, which the company identified as possessing the attributes that fit CIM’s investment model that focuses on established and emerging urban areas with solid infrastructure and transportation networks.

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HOUSTON, TX – MORGAN, a leader in upscale multifamily development, construction and property management, has opened Pearl CityCentre and Pearl Residences at CityCentre, two of its newest luxury apartment developments in Houston.

Located across the street from one another at 10401 and 10402 Town & Country Way, the two communities have been designed to appeal to a variety of renters drawn to the area for its proximity to shopping at CityCentre and Memorial City, employment in the Energy Corridor and Westchase District, and exemplary schools in the area.

Pearl CityCentre contains 311 one- and two-bedroom units in a seven-tale concrete and steel building. Units range from 650-1,500 square feet, with an average unit size of 950 square feet.

Pearl Residences at CityCentre has 148 one-, two- and three-bedroom units in an eight-tale concrete and steel building. Designed for residents seeking more square footage, the units in this community range from 750-2,500 square feet, with an average unit size of over 1,500 square feet.

With some distinct differences, both apartment communities showcase MORGAN’s premium Pearl amenities, including open floor plans and high-end interior finishes. Some of the differences between the two communities are KitchenAid appliances and hardwood floors in the Pearl Residences project. Each property features a cyber café, business center, state-of-the-art athletic club, and resort-style swimming pool with private cabanas. All residents have access to a sky lounge and shuttle service to nearby CityCentre.

“We designed Pearl CityCentre and Pearl Residences to appeal to a wide range of renters, from young professionals to empty nesters, who want an upscale all-inclusive environment,” said MORGAN Executive Vice President Carter Bechtol. “Since MORGAN launched the premium Pearl brand in 2013 with the opening of Pearl Greenway in Houston’s Greenway Plaza, we’ve seen demand grow for the type of luxury amenities we provide. I’m proud to say that this new Pearl development really delivers on the brand’s premium promise.”

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