Author: ipgocorp

DALLAS, TX – Towering over Victory Park is Victory Place, a brand new 25-story apartment community decked out in sky-high amenities has started preleasing, nearing completion in March 2017. The 352 units of urban real estate are prime, within walking distance to American Airlines Center, Katy Trail, Happiest Hour, Whole Foods, restaurants, shopping, and night life in Uptown and Victory Park.

Studios, one bedrooms, two bedrooms, and three bedroom floor plans have begun preleasing, offering sky-high downtown views with floor to ceiling windows and nine foot exposed concrete ceilings. The sights and sounds of Victory Park can be taken in from the units’ private balconies and terraces or from the rooftop pool. Located on the twenty fifth floor, the resort-style rooftop pool boasts Dallas views, in addition to a Sky Deck with outdoor kitchen, fireplace, lounge seating and TV, and a rooftop lounge with a pool table and shuffleboard.

Communal conveniences include a state-of-the-art 24-hour gym, yoga, Pilates and cross-training room, dog spa, controlled access entry, parking garage, fully equipped business center with gourmet coffee bar, conference room with Apple TV, common area Wi-Fi as well as on-site retail.

Designer tiled walk-in showers, granite countertops with subway tile backsplashes, stainless steel appliances, side-by-side refrigerators, hardwood floors with stylish cut-Berber carpet in bedrooms and electronic home entry systems are some of the in-unit features of the high-end tower.

Victory Place will be under the management of Lincoln Property Company, the second largest multifamily manager in the United States, headquartered in Uptown, Dallas.

The luxury apartment tower is the 15th delivered by Novare Group and co-sponsor Batson-Cook Development Company, following projects in Texas, Florida, Colorado, Georgia, North Carolina and Tennessee. The program has started or delivered more than $1.5 billion in new mixed-use development this cycle. Led by Jim Borders and Novare Group, the SkyHouse team includes general contractor Batson-Cook Construction and architect Smallwood, Reynolds, Stewart, Stewart.

LILBURN, GA – CBRE Group has arranged the sale of Park Crossing Apartments at 2700 Park Crossing Way in Lilburn, Georgia. New Jersey-based Engineering Partners, a boutique investment firm, purchased the 280-unit community for $22.6 million to add to its multifamily portfolio.

CBRE’s Brad Simmel exclusively represented the seller, Ventron Management, in this transaction.

Built in 1985, the two and three-story suburban, garden-style property, that includes large one, two and three bedroom layouts, has maintained consistent tenancy with 98% occupancy in 2016.

With a limited amount of improvements to the community, the acquisition provides an ideal value-add option for new ownership. By updating the amenities and interior finishes, it offers the buyer an excellent opportunity to increase rents across all unit types, while appealing to current and future residents. 

“Given that the metro Atlanta area has become the epicenter of the financial, technology and logistics sector– for both job and population growth – the northeast suburbs, including Lilburn, are projected to add more quality jobs, ensuring an ongoing demand for good housing options,” said Brad Simmel, Senior Vice President, CBRE.

With access to Atlanta Hartsfield-Jackson International Airport and the Interstate Highway system, the northeast submarket has become the largest industrial distribution center in Atlanta. As a powerful warehouse hub with 161 million square feet of space, and construction activity reaching a 10-year high in 2016, per CBRE’s U.S. Industrial & Logistics MarketView, a growing number of companies are moving to the area, creating a go-to a destination for potential tenants looking for multifamily properties to move into.

VERONA, MS – FOURMIDABLE, a national real estate property management and brokerage firm, has announced the opening of Tall Oaks, its newest community, located in Verona, Mississippi.

The Tall Oaks community offers 80 three-bedroom and two-and-one-half bath townhomes with attached garages as part of a newly constructed, energy efficient, community. The units feature fully equipped kitchens with dishwasher, and in-unit washer and dryer. There is also a business center, furnished clubhouse and complimentary Wi-Fi.

“FOURMIDABLE is proud to be part of the city of Verona and looking forward to managing such an upscale community,” said Michael Schocker, President of FOURMIDABLE. “Tall Oaks is going to be a wonderful addition to the community and surrounding area.”

Tall Oaks is being developed in cooperation with the Mississippi Home Corporation under the state’s Low Income Housing Tax Credit program. The general contractor on the project is Winters Construction of Oxford, Miss., and the developer for the community was Tall Oaks East and West 2015, LP.

The first residents of Tall Oaks moved into their beautiful new homes in January. Applications are still being accepted online with preferences being given to veterans. Rental rates are $530 a month. 

While there are income limitations for potential applicants, there are no direct rent subsidies.

FOURMIDABLE also has plans to open another new community in Columbus, Miss. The rental community, Fountain Square, is expected to open in May 2017.

FOURMIDABLE is a national real estate management and brokerage company that specializes in managing, marketing and leasing market rate, tax credit, senior and family government assisted, public housing and rural development apartment communities. Founded in 1975, FOURMIDABLE currently manages 87 communities in ten states, with more than 9,256 units under management.

TAMPA, FL – CalAtlantic Homes, one of the nation’s largest homebuilders, announced the Grand Opening of BridgeHaven, a beautiful townhome community in the popular Citrus Park area of Tampa, Florida.

“BridgeHaven’s combination of suburban new home living, true lock-and-leave lifestyle and very manageable price point is a great fit for a range of homebuyers,” said Dave Bulloch, Tampa Division President for CalAtlantic Homes. “It puts young professionals, first-time homebuyers and those looking to downsize at the center of this very active area of Tampa, while maintaining the quiet, tree-lined neighborhood environment that homeowners love to come home to.”

BridgeHaven offers three, two-story townhome designs ranging from 1,597 to 1,807 square feet, all with three bedrooms, two-and-a-half baths and one- or two-car garages. Open floor plans at BridgeHaven flow from generous Great Rooms to large kitchens anchored by center islands. The space flows into a covered lanai allowing homeowners to make the most of Florida’s sunny climate and the neighborhood’s striking backdrop of stunning oak trees. The homes also feature open loft spaces and ample storage.

Residents at BridgeHaven will enjoy access to a community pool. Plus, BridgeHaven is just minutes from the shopping, dining and entertainment of the Westfield Citrus Park Mall, Regal Citrus Park 20-screen movie theatre, performing arts destinations and the Upper Tampa Bay Trail, which is paved for walking and biking. BridgeHaven also offers quick and convenient access to the Veterans Expressway, Dale Mabry Highway and other major thoroughfares, and is just 20 minutes from Tampa International Airport.

SANTA ROSA, CA – San Francisco Bay Area based Praxis Capital, a private equity real estate investment firm, announced the formation of a vertically integrated multifamily platform, designed to provide its investors and tenants with a higher level of service. The expanded multifamily operation will be integrated with the existing Praxis family of companies.

“We are very excited about our expanded multifamily platform,” said Bob Dreher, Senior Vice President / Investor Relations. “Our rapidly growing investor base, the majority of whom have invested in multiple Praxis offerings, will be the direct beneficiaries of this move.” The company is projected to invest $100 million in multifamily properties over a 3 to 4 year period, assembling a national, geographically diversified Workforce Housing Portfolio.

The executive team at Praxis brings more than $6.3 billion of transactional experience in the multifamily sector; including institutional management of more than 90,000 apartment units. 

“We will now be combining our entrepreneurial approach with an institutional infrastructure; sourcing and managing investments directly,” according to Brian Burke, President and CEO, “the result of which will be tighter operational control and more efficient business plan execution.”

Praxis’ Multifamily platform will now offer a fully integrated platform of services that utilize a socially conscious management approach to maximizing property value and performance as it invests, owns, improves and manages Class B & C apartments which offer a value-add component. 

Praxis Capital is a real estate private equity investment firm with over $100 million in assets under management. Praxis is focused on value-add multifamily properties in US growth markets, and brings together discretionary capital and decades of operating experience to unlock embedded value in multifamily real estate. 

ORLANDO, FL – Florida’s housing market wrapped up 2016 with more new listings, higher median prices and fewer sales of distressed properties compared to the year before, according to the latest housing data released by Florida Realtors. 

“This past year was marked by tight housing inventory throughout Florida, particularly in the range of $200,000 and under,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “Buyer interest was high and home sales likely would have been even stronger if there had been enough available for-sale supply to satisfy demand. Realtors across the state stand ready to help buyers and sellers understand their local housing market trends.

“Florida’s economy is in growth mode, more jobs are being created and mortgage interest rates, while rising, remain at historically low levels, which will continue to spark buyer demand in the coming months.”

Year-end 2016
Statewide closed sales of existing single-family homes totaled 268,731 in 2016, up 0.9 percent compared to the 2015 figure, according to data from Florida Realtors research department in partnership with local Realtor boards/associations.

New listings for existing single-family homes rose 2.2 percent in 2016 compared to 2015. The statewide median sales price for single-family existing homes in 2016 was $219,900, up 12.2 percent from the previous year.

Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 107,953 units sold statewide in 2016, down 4.2 percent from 2015. The closed sales data reflected fewer short sales statewide in 2016 compared to the previous year: Short sales for condo-townhouse properties declined 38.7 percent while short sales for single-family homes dropped 35.3 percent.

New listings for townhouse-condos for the year increased 2 percent compared to a year ago. The statewide median price for townhouse-condo properties in 2016 was $160,000, up 6.7 percent over the previous year.

At the end of 2016 and also for 4Q 2016, inventory for single-family homes stood at a 3.9-months’ supply, while inventory for townhouse-condo properties was at a 6-months’ supply, according to Florida Realtors.

“Throughout 2016, Florida’s housing markets consistently exhibited a solid rate of price growth coupled with relatively flat growth in sales compared to the previous year,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “This tempered growth in sales was largely due to a shortage of homes for sale at the affordable end of the price spectrum – much of which was due to a rapid depletion of Florida’s remaining stock of distressed properties.

“Sales of non-distressed single-family homes, on the other hand, were up nearly 14 percent in 2016, and non-distressed condo and townhouse sales were up more than 5 percent. This increase in ‘traditional’ sales activity is a clear sign of good things to come for Florida’s housing markets in 2017.”

The interest rate for a 30-year fixed-rate mortgage averaged 3.65 percent for 2016, down from the previous year’s average of 3.85 percent, according to Freddie Mac.

4Q 2016
Statewide closed sales of existing single-family homes totaled 62,192 in the fourth quarter of 2016, up 2.1 percent compared to the year-ago figure, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.

The statewide median sales price for existing single-family homes for the quarter was $223,950, up 11.9 percent from 4Q 2015.

Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 24,394 units sold statewide in 4Q 2016, down 5 percent compared to the same period a year earlier. The closed sales data reflected fewer short sales statewide in the fourth quarter compared to the same time a year ago: Short sales for condo-townhouse properties declined 41.8 percent while short sales for single-family homes dropped 37.5 percent.

The statewide median price for townhouse-condo properties in 4Q 2016 was $164,182, up 8.6 percent over the previous year.

To see the full statewide housing activity reports, go to Florida Realtors Media Center.

NEW YORK, NY – Most of the leading U.S. metropolitan areas for commercial and multifamily construction starts showed substantial gains in 2016 compared to the previous year, according to Dodge Data & Analytics. However, New York NY, the top metropolitan market by dollar amount, pulled back 15% to $29.8 billion following its 67% surge to $35.2 billion in 2015. Eight of the next nine metropolitan areas in the top 10 were able to register double-digit gains during 2016. For the top 20 metropolitan areas, 16 were able to show double-digit gains compared to 2015. At the U.S. level, commercial and multifamily construction starts in 2016 were reported at $186.3 billion, up 7% from 2015.

Rounding out the top five metropolitan areas in 2016, with their percent change from 2015, were the following – Los Angeles CA, $9.8 billion, up 44%; Chicago IL, $8.3 billion, up 34%; Washington DC, $8.1 billion, up 35%; and Dallas-Ft. Worth TX, $8.0 billion, up 16%.  Metropolitan areas ranked 6 through 10 were – Miami FL, $7.5 billion, up 14%; Boston MA, $7.1 billion, up 50%; San Francisco CA, $5.0 billion, up 96%; Atlanta GA, $4.8 billion, up 60%; and Seattle WA, $4.3 billion, down 4%.

The commercial and multifamily total is comprised of office buildings, stores, hotels, warehouses, commercial garages, and multifamily housing. At the U.S. level, the 7% increase for the commercial and multifamily total in 2016 was the result of an 11% advance for commercial building and a 3% gain for multifamily housing. Compared to its 7% rise in 2015, commercial building at the U.S. level was able to pick up the pace in 2016, while multifamily housing witnessed substantially slower growth compared to its 22% jump in 2015. A primary reason for the smaller 2016 increase for multifamily housing at the U.S. level was a downturn by multifamily construction starts in the New York NY metropolitan area, which retreated 28% following its exceptionally strong amount in 2015.  Excluding the New York NY metropolitan area, multifamily housing for the nation in 2016 would be up 13%, about the same as the corresponding 14% increase in 2015.

“What stands out about 2016 is that growth for commercial and multifamily construction starts became broader geographically,” stated Robert A. Murray, chief economist for Dodge Data & Analytics. “Back in 2015, the New York NY metropolitan area led the upturn by soaring 67%, while the next 9 markets combined grew 8%. In 2016, the 15% downturn in the New York NY market was countered by a 33% hike for the next 9 markets. As a result, the New York NY share of the U.S. total for commercial and multifamily construction starts settled back from 20% in 2015 to 16% in 2016, which was still relatively high compared to the 13% share during the 2010-2014 period.”

“Both commercial building and multifamily housing have benefitted from a number of positive factors in recent years,” Murray continued. “These included declining vacancies, rising rents, low interest rates, and some easing of bank lending standards for commercial real estate loans. That supportive environment began to shift during 2016, with vacancies leveling off, interest rates edging up at year’s end, and bank lending standards for commercial real estate loans beginning to tighten, especially for multifamily projects. Yet, aside from multifamily housing, the levels of construction remain generally low given the hesitant nature of the upturn to date, meaning there’s yet to be any widespread signs of overbuilding that typically show up five years into an expansion. While market fundamentals may not be quite as supportive in 2017, it’s still expected that commercial building will be able to register moderate growth, led by offices and warehouses. As for multifamily housing, the geographically broader participation by metropolitan area that emerged during 2016 is expected to continue this year, which should help the national total stay close to the elevated activity reported during 2015 and 2016. Other factors that could affect commercial and multifamily construction starts in 2017 would be two items proposed by the Trump Administration – the reduction in business tax rates to spur investment and the easing of the Dodd-Frank regulations on the banking sector.”

The 15% commercial and multifamily decline for the New York NY metropolitan area in 2016 was due to the 28% slide by multifamily housing after its 53% hike in 2015. At the same time, the commercial building categories as a group grew an additional 4% in 2016, which followed a 95% surge in 2015. Multifamily housing in New York City had been supported by the 421-a program, which provided tax incentives to developers who included affordable housing in their developments.  During 2015, the pending expiration of the 421-a program contributed to developers moving up the start date for projects, while the expiration of the program in January 2016 removed the incentives.  (In late 2016, an agreement was reached to renew the 421-a program, which still awaits the approval by the New York State legislature.) The New York NY metropolitan area in 2015 had featured 44 multifamily projects valued each at $100 million or more, including five at $500 million or more, led by the $575 million 15 Hudson Yards apartment building. In 2016, the number of multifamily projects valued at $100 million or more was 38, still substantial yet smaller than what took place 2015, and there were no projects in the $500 million plus range. The top three multifamily projects in 2016 were the following – the $453 multifamily portion of a $475 million high-rise in Jersey City NJ, a $407 million multifamily high-rise on Manhattan’s East Side, and the $345 million multifamily portion of a $500 million high-rise near the Hudson River in lower Manhattan.

For the commercial building categories in the New York NY metropolitan area, new office building starts retreated a slight 2% in 2016, staying very close to the robust dollar amount (up 138%) that was reported in 2015 which included the $1.9 billion office portion of the $2.5 billion 30 Hudson Yards office/retail project. The top office projects in 2016 were the $2.0 billion 3 Hudson Boulevard on Manhattan’s West Side, the $1.5 billion One Vanderbilt Tower near Grand Central Terminal, and the $682 million office portion of the $700 million Gotham Center in Long Island City. Hotel construction climbed 60%, helped by the start of the $205 million Marriott Moxy Hotel in Times Square, and warehouse construction advanced 55% with the lift coming from a $304 million warehouse on Staten Island and a $200 million warehouse in Cranbury NJ. Commercial garage starts increased 27% in 2016, but store construction starts dropped 28%.

The Los Angeles CA metropolitan area in 2016 registered a 44% increase, moving up to the nation’s second largest market for commercial and multifamily construction starts after ranking number three in 2015. Multifamily housing in 2016 soared 50% while commercial building advanced 36%. There were 14 multifamily projects valued at $100 million or more that reached groundbreaking in 2016, compared to 10 such projects in 2015.  The three largest multifamily projects in 2016 were the $493 million multifamily portion of the $600 million Century Plaza mixed-use complex in Century City, the $344 million multifamily portion of the $375 million 1120 South Grand Avenue mixed-use building in Los Angeles, and the $275 million multifamily portion of the $300 million Omni mixed-use building in Los Angeles.  Substantial percentage growth was reported for offices, up 67%, with the lift coming from the $178 million office portion of the $390 million Broadcom Research and Development Campus in Irvine. Hotel construction starts were also up considerably, rising 77%, with the lift coming from the $93 million hotel portion of the $135 million Edition hotel and condominiums in West Hollywood. Commercial garages increased 42% in 2016, while warehouses grew 9%. Store construction improved 7% on top of its 96% advance in 2015, boosted by the $500 million renovation of the Beverly Center in Los Angeles.

The 34% increase for Chicago IL in 2016 enabled this metropolitan area to move up to the nation’s third largest market for commercial and multifamily construction starts, after ranking number 5 in 2015.  Multifamily housing jumped 82% in 2016 while commercial building held steady with its 2015 amount. The multifamily gain reflected two very large projects – the $780 million multifamily portion of the $900 million Wanda Vista Tower and the $500 million One Bennett Park Tower. There were 10 multifamily projects valued at $100 million or more that reached groundbreaking in 2016, compared to 5 such projects in 2015.  Office construction grew 22% in 2016, aided by the start of a $255 million data center in Aurora IL plus two Chicago projects – the $250 million McDonalds headquarters and the $225 million CNA Financial headquarters. Warehouse construction increased 63%, boosted by the start of the $95 million M&M/Mars Wrigley Distribution Center in Joliet IL. On the negative side, declines in 2016 were reported for hotels, down 45%; commercial garages, down 34%; and stores, down 3%.

The Washington DC metropolitan area climbed 35% in 2016, with commercial building up 56% and multifamily housing up 20%. Much of the lift for commercial building came from an 87% jump for office construction, which featured 7 projects valued at $100 million or more, led by the $300 million 655 New York Avenue office building. the $220 million Four Constitution Square office building, and the $200 million addition to the Fannie Mae office building. The hotel category advanced 113%, helped by the $140 million CityCenter DC Conrad Hotel (phase 2) and the $106 million hotel portion of the $230 million Columbia Place hotel/multifamily complex. Garage construction rose 44% in 2016, but construction start declines were reported for stores, down 14%; and warehouses, down 41%. The 20% increase for multifamily housing featured 9 projects valued at $100 million or more, including $263 million for phase 1 of The Boro at Tysons in Tysons Corner VA and the $228 million Eisenhower East apartment development in Alexandria VA.

After soaring 56% in 2015, the Dallas-Ft. Worth TX metropolitan area registered an additional 16% gain for commercial and multifamily construction starts in 2016, with commercial building up 13% and multifamily housing up 22%. Office construction increased 31%, reflecting $293 million for the office portion of the $500 million Toyota Corporate Campus project in Plano, $194 million for the office portion of the $300 million JP Morgan Chase operations center in Plano, and $133 million for the office portion of a $300 million mixed-use development in Dallas. Hotel construction climbed 33%, helped by the $85 million Texas Live! convention center hotel, while garage construction advanced 37% with $106 million for the garage portion of the JP Morgan Chase operations center and $87 million for the garage portion of the Toyota Corporate Campus project. Store construction starts grew a moderate 6% in 2016, but warehouse starts fell 34%. As for multifamily housing, there were 5 projects valued at $100 million or more that reached groundbreaking in 2016, including the $160 million multifamily portion of the $240 million Drever mixed-use project in Dallas. 

CHARLOTTE, NC – Haven Campus Communities announced an 887-bed, 332-unit luxury student housing community at UNC Charlotte. The project is located directly across University City Blvd from the university’s main campus and is scheduled to open in fall of 2018. This proximity conveniently allows students immediate access to the main campus.

“Haven prides itself on providing student’s accessibility and conveniences by strategically selecting locations that promote academic lifestyle within the local university area,” said Jay Williams, Haven Campus Communities President and Co-founder. “Our plan aligns directly with Haven’s development commitment to quality and safety, walkability to campus, along with our focus on innovation and technology.”

The project will be the only student housing community in Charlotte to offer an exclusive technology forward Smart Apartment. From maintenance requests to smart locks, to loading a favorite playlist, Haven has created a customizable suite of smart apartment systems into a single intuitive mobile platform.

Students will have the ease of controlling common area smart lighting, smart thermostats and smart ceiling fans through the Amazon Echo, provided in each unit. Outlets will be equipped with USB plugins and Smart HDTVs. The building itself has a touch screen video intercom for building controlled access and an iOS and Android compatible app that allows students to see visitors before granting entrance. Thanks to dynamic internet service through the project’s on-site managed network, residents will experience blazing speeds via wired and wireless service throughout the property.

The unit will also offer fully furnished one, two, four, and five bedroom plans. Each will include a fully-equipped kitchen, full-size washers and dryers, trundle beds with pillow top mattresses, and private bathrooms for each bedroom. Residents will enjoy all-inclusive rental packages including electricity, water, cable and internet.

The community will have a full slate of amenities including a cyber-lounge with charging stations, coffee bar, fitness center with On-Demand classes, tanning room, gaming room, computer center with private study rooms featuring Smart TVs, and professional on-site management. The pool area will include a large pavilion area with TVs, sun deck, large tanning deck, cabanas and built-in grilling stations. The property will also feature multiple gathering areas with built-in seating, bocce and horseshoes, fire pits, and an open courtyard. 

PORTLAND, OR – Marcus & Millichap announced its Institutional Property Advisors (IPA) division has closed the sale of the iconic 21-story, 284-unit Yard apartment tower in Portland, Oregon.

The development of this asset was completed in August 2016, sold pre-stabilization with 50 percent of the apartments leased, and is the largest multifamily sale to date in Portland’s urban core.

“This is a pivotal transaction in Portland, firmly establishing the emerging Central Eastside neighborhood as not only a desirable place live, but the next place for institutional and international buyers to invest,” said Elizabeth Davis, IPA executive director.

Davis, located in IPA’s Portland office, exclusively represented the seller, Block 67 LLC. Pete Shelton and Kim Grant, both located in IPA’s Seattle, Washington office, assisted Davis. Philip Saglimbeni, an IPA executive director, along with Davis, procured the buyer, Land and Houses, a subsidiary of a Bangkok-based investment firm and first-time investor in the Portland market.

Yard is part of the Portland Development Commission’s Burnside Bridgehead Master Plan, an effort to revitalize entrepreneurial development in Portland. The architect is Skylab Architecture, which is known for ground-breaking design.

Yard is located at 22 N.E. 2nd Avenue in a former industrial neighborhood in Portland’s east side. The building has an elevated podium ecoroof that engages the pedestrian platform on the Burnside Bridge. Yard includes 26,000 square feet of commercial retail space and a public parking garage, and it holds a LEED silver certification.

Yard’s studio, one- and two-bedroom apartments feature city and river views, European style appliances, stainless steel quilted backsplash and condo-quality finishes. Reclaimed wood from the original Pendleton office building in downtown Portland was used for shelving.

NEW YORK, NY – Mortgage rates shifted into reverse this week, with the benchmark 30-year fixed mortgage rate sliding to 4.27 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.26 discount and origination points.

The larger jumbo 30-year fixed also settled at 4.27 percent, while the average 15-year fixed mortgage rate was down to 3.49 percent. Adjustable mortgage rates were also on the downswing, with the 5-year ARM stepping lower to 3.46 percent and the 7-year ARM sliding to the lowest point since late November at 3.66 percent.

Investors are starting to get antsy for details and progress on new fiscal policy initiatives that could provide a boost to economic growth – such as tax cuts, infrastructure spending, and even reduced regulation. The buoyed hopes of faster economic growth have lifted financial markets ever since Election Day, but with some uncertainty building among investors there has been a renewed move back into safe haven U.S. Treasuries. Mortgage rates are closely related to yields on long-term government bonds. The decline in bond yields and mortgage rates over the past week came despite a stronger than expected employment report that would typically be expected to push bond yields and mortgage rates higher.

At the current average 30-year fixed mortgage rate of 4.27 percent, the monthly payment for a $200,000 loan is $986.22.

SURVEY RESULTS

30-year fixed: 4.27% — down from 4.33% last week (avg. points: 0.26)

15-year fixed: 3.49% — down from 3.53% last week (avg. points: 0.20)

5/1 ARM: 3.46% — down from 3.49% last week (avg. points: 0.28)

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 move 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. This week the panelists are divided, with 44 percent predicting further declines while another 44 percent expect that mortgage rates will remain more or less unchanged over the next week. Just 12 percent forecast a rebound in mortgage rates in the coming week.