Steel at 1 World Trade Center (WTC) today reached the 52nd floor–more than 600 feet above street level–on what will be a 104-floor, 3.5-million-gross square foot commercial tower.  At a height of 1,776 feet upon completion, the tower will be the tallest building in New York City and the United States.  Tishman Construction Corporation (TCC) is serving as construction manager on 1 WTC for the owner, the Port Authority of New York & New Jersey, and was the builder of the original World Trade Center complex.  TCC is part of AECOM Technology Corp. (NYSE: ACM), a Fortune 500 provider of professional technical and management support services for government and commercial clients around the world.

“As the builder of the original towers, our history and connection to the site makes us especially proud of the role we’re playing at the World Trade Center today. We share in the excitement of the thousands of people who drive up and down the west side of Manhattan as 1 World Trade Center comes into view,” said Daniel R. Tishman, Chief Executive and Chairman of Tishman Construction and Vice Chairman of AECOM.  ”Progress at the World Trade Center is undeniable, as demonstrated by the fact that we continue to add one floor a week to the structure.  We salute the iron workers with DCM Erectors who have taken the structure to this level and all the trades men and women on the project.”

With a workforce of more than 750 on site daily, workers have placed more than 125,000 cubic yards of concrete and 26,000 tons of steel at 1 WTC to date.  More than 500,000 square feet have been built below grade, before the tower began to rise above street level.  In the most visible sign of construction progress at the site, 1 WTC is now visible from parts of Midtown Manhattan and from several vantage points around downtown.  The building is being designed and built to LEED Gold standards.

Tishman Construction is serving as construction manager for WTC Towers 3 and 4 for which Silverstein Properties is the developer; the WTC Transportation Hub; and the Vehicle Security Center at the site.  In addition, Tishman built 7 World Trade Center, the first tower to rise after September 11, 2001.  7 WTC opened in 2006, and was the first office building to achieve LEED Gold Certification in New York.

About Tishman Construction Corporation

Founded in 1898, Tishman Construction Corporation (www.tishmanconstruction.com) is one of the world’s leading builders, and is currently ranked as the #1 Construction Manager in the region, based on the value of  construction put in place, and #1 Green Builder, based on the value of sustainable construction put in place. It is currently managing construction of the new headquarters for the U.S. Department of Homeland Security in Washington, D.C. and major projects in Boston, Philadelphia, Chicago, New Jersey, California and Abu Dhabi.

Tishman is part of AECOM Technology Corp. (NYSE: ACM), a global provider of professional technical and management support services to a broad range of markets, including transportation, facilities, environmental, energy, water and government.  A Fortune 500 company, AECOM’s approximately 52,000 employees serve clients in more than 100 countries, and the company had revenue of $6.5 billion during its fiscal year 2010.  More information on AECOM and its services can be found at www.aecom.com.

NEW YORK  (Profitable.com)  Mortgage rates jumped sharply this week, with the average rate on the benchmark conforming 30-year fixed mortgage rate rising to 4.89 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.36 discount and origination points.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.

The average 15-year fixed mortgage zoomed upward to 4.26 percent, and the larger jumbo 30-year fixed rate did as well, settling at 5.39 percent. Adjustable rate mortgages were mostly higher, with the average 5-year ARM climbing to 3.85 percent and the average 7-year ARM increasing to 4.22 percent.  

Mortgage rates have been on a consistent upswing, rising in four of the five weeks since the Federal Reserve’s early November announcement of $600 billion in additional bond purchases to stimulate the economy. But the movement kicked into overdrive this week with the tax cut extension expected to generate hundreds of billions more in government borrowing. Bond investors haven’t responded kindly to the prospects of additional supply, with bond prices falling and bond yields rising. Mortgage rates are closely related to yields on long-term government bonds.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.89 percent, the monthly payment for the same size loan would be $1,060.24, a savings of $181 per month for a homeowner refinancing now.

For a full analysis of this week’s move in mortgage rates, go to http://www.bankrate.com/mortgagerates.

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. In a landslide, 80 percent of the panelists are calling for continued increases in mortgage rates. Just 13 percent forecast a decline in mortgage rates, and the final 7 percent expect mortgage to remain more or less unchanged over the next week.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI.

About Bankrate, Inc.

The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe CreditCardGuide.com, Bankaholic, CreditCards.com and NetQuote.  Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company’s flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), The Wall Street Journal and The New York Times (NYSE: NYT). Bankrate.com’s information is also distributed through more than 500 newspapers.  Bankrate, Inc. was acquired by Apax Partners, one of the world’s leading private equity investment groups, in September 2009.  Apax operates across the United States, Europe and Asia and has more than 30 years of investing experience. For more information on Apax, visit: www.Apax.com.

www.bankrate.com

WASHINGTON  (Profitable.com)  A new study released today by Fannie Mae (OTC Bulletin Board: FNMA) finds that most Americans – both those who currently own their homes and those who rent – strongly aspire to own a home and to maintain homeownership, despite ongoing turmoil in the housing market.  However, demographic trends such as fewer married couples and less families with children resulting in shrinking households – combined with financial caution among consumers – are contributing to an increased willingness to rent.   

The Fannie Mae 2010 Own-Rent Analysis is based on extensive primary research with homeowners and renters (including focus groups and a quantitative survey), U.S. Census Bureau data, and micro- and macro- economic parameters, and explores the factors influencing consumers’ decisions to buy or rent a home. Today’s release highlights two of the four major themes of this analysis in reports titled, Persistence of the Homeownership Aspiration and Housing Choices Throughout the Lifecycle and the Impact of Changing Demographics.  The reports are available on www.fanniemae.com.  The remaining two themes from this analysis will be announced next week.

According to the study findings, 51 percent of current owners and renters say that the housing crisis has not affected their overall willingness to buy a home.  However, while homeownership aspirations are high for the long-term, Americans have near-term doubts about buying.  Overall, according to Fannie Mae’s National Housing Survey third quarter results, one-third of Americans (33 percent) would be more likely to rent their next home than buy, up from 30 percent in January 2010.  Among renters, 59 percent said they would continue to rent in their next move, compared to 54 percent in January 2010.  

The Fannie Mae National Housing Survey is an ongoing research initiative that surveys Americans’ attitudes about housing on a monthly basis.  The most recent installment of this survey, released in November, showed that aspirations toward homeownership remain strong – well in excess of current homeownership rates – but decisions to buy are tempered by current consumers’ cautious attitudes toward home buying in the current financial environment and a more conservative housing finance environment.  

“Despite Americans’ strong desire to own their homes, our study reveals that life events are greatly influencing families’ decision to rent.  This trend, coupled with the housing crisis, has caused consumers to approach homeownership with greater caution and thoughtfulness,” said Doug Duncan, Fannie Mae Vice President and Chief Economist.  

Fannie Mae’s research analysis indicates that shifting U.S. demographic and lifestyle trends correlate to consumers’ housing decisions, which may have long-term implications for the housing market.  For example, married couples historically have been more likely to own than other households, but traditional married couples are a shrinking portion of the population.  Additionally, having children has increased the propensity to own a home, historically, although many families with children (particularly single mothers) currently are renting because of financial constraints, and the percentage of households with children is declining overall.

“The data in the analysis aligns with what we’re seeing in the market. More Americans are viewing rental housing as an attractive and sustainable housing option. As a result, we remain focused on helping America’s working families – many of whom have incomes at or below the median in their communities – live in quality, sustainable, affordable rental housing,” said Ken Bacon, Executive Vice President of Fannie Mae’s Multifamily Mortgage Business.

The analysis, based on telephone survey interviews with 2,041 members of the United States general population (plus 1,566 additional respondents from geographic areas of interest) and rigorous research by Fannie Mae, compares current consumer actions, attitudes and financial considerations with historical consumer behaviors, market experience and economic conditions. The study identified four key themes of the “owning versus renting” decision-making process, and results are available in a series of themed reports that cut the data across consumer life stage; ethnicity/race/immigration status; and demographic, geographic, housing and economic status.  

Overview of Key Findings

Desire for Homeownership Remains Strong, Despite Housing Turmoil

• Fifty-one percent of those surveyed reported the housing crisis had little or no impact on their intentions to buy or rent, versus 27 percent who said they are more likely to buy and 19 percent who said they are more likely to rent.
• The substantial majority of homeowners (89 percent), as well as nearly half of renters (44 percent) believe they would be better off owning their homes, given their current financial situations.

Decision to Rent is Driven Primarily by Financial Constraints

• Lifestyle considerations are more likely to influence consumers’ decision to buy a home, while the decision to rent is driven primarily by financial considerations.  
• More than half (57 percent) of renters believe financial benefits are the best reason for renting a home.  Based solely on current household finances, 52 percent believe they are better off renting, compared to 24 percent among the population at large.
• From January 2010 to third quarter 2010, the percentage of renters who say they will probably continue to rent in their next move increased from 54 percent to 59 percent.
• Per Fannie Mae calculations, 64 percent of renters who do not plan to own and half (50 percent) of those who do plan to own probably do not have sufficient income to qualify for the mortgage on a median-priced home.

Americans’ Housing Choices Impacted by Lifestyle and Stages of Life

• Single (unmarried) respondents are least likely to own and report the lowest level of satisfaction with their housing choices.  After controlling for age, income, wealth and a number of other factors, regression analysis indicates that married/partnered couples are 2.5 times more likely to own than other respondents.
• Respondents with children generally have higher homeownership rates than those without children after controlling for age and income, and having children is cited as a major reason to buy a home by approximately three quarters (76 percent) of the general population.
• Americans 50 and older are more likely to believe they are better off owning than renting than any other age group, and are increasingly able to realize homeownership aspirations as they age.  A person age 65-74 is 3.5 times more likely to own than a person under 25.
• The housing crisis has had the greatest impact on younger Americans.  Since the housing crisis, homeownership for those 25 to 29 years has declined 11 percent since peak rates, compared with a decline of 5 percent among those 35 to 44 and less for those 45 and older.  

Changing Demographic and Lifestyle Trends May Create Shifts in Housing Market Over Time

• Married couples, statistically most likely to own a home, represent a shrinking portion of the population – 50 percent of households in 2009, compared with 56 percent in 1990.
• Although having children increases consumers’ propensity to own a home, renters are more likely than owners to have children under 18 living at home.
• In particular, 58 percent of single mothers rent, versus 32 percent overall for households with children under the age of 18.
• The percentage of families with children is declining overall, and reached an all-time low of 45 percent in 2009.
• Homeownership rates increase with age, and the U.S. population is experiencing an aging trend fueled by the baby boomers. Thirty-eight percent of households were headed by someone 55 or older in 2009, versus 35 percent in 1990.
• Possibly reflecting changing demographics and economic caution, recently, the size of new homes has begun to decrease, reversing a long-standing trend of more space per person.  There has been a 6 percent decline in median square footage of new homes from the peak of the housing bubble in 2006 to the second quarter of 2010.

Survey Methodology

Penn Schoen Berland, in partnership with Oliver Wyman, conducted telephone interviews with 2,041 members of the United States general population plus 1,566 additional respondents from geographic areas of interest. To inform the survey design, focus groups were held in Washington, D.C. and Phoenix, Arizona during July and August 2010.  The telephone interviews were carried out during August and September 2010. In addition to the focus groups and telephone survey, additional research was conducted to evaluate the survey findings comparatively with historical market experience.

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers.  Our job is to help those who house America.

WASHINGTON, DC  (Profitable.com)  Identity theft is becoming one of the fastest growing crimes in America, and the National Association of Realtors^® is committed to helping members keep their identities safe. Toward that end, the IdentitySecure Program for Realtors^® is now available through NAR’s REALTOR Benefits^® Program in partnership with Affinion Benefits Group, LLC.

Identify theft results in more than $48 billion in fraud ($4,849 per person) annually.¹ IdentitySecure is an advanced identity protection program with a comprehensive suite of protection benefits that help prevent, detect and resolve identity theft. The program is offered to all NAR members, employees, as well as state and local board staff, immediate family members and members of the Realtors^® Federal Credit Union.

“NAR strives to provide Realtors^® with the tools and resources they need to build their businesses,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “The IdentitySecure Program for Realtors^® will not only help protect members’ identities, it will give them peace-of-mind as they help buyers, sellers and investors achieve their real estate goals.”

The program includes several protection benefits including $10,000 in identity theft insurance protection. Coverage includes reimbursement for lost wages, legal expenses and re-filing applications for credit and notarizing affidavits. Members may request up-to-date credit reports and scores from all three of the national credit reporting agencies. In addition, members can receive triple-bureau daily credit monitoring. This service monitors changes to credit records on a daily basis and notifies members of any changes. The program also offers the option to monitor credit/debit card information and social security numbers — which occurs in real time. Other benefits include lost or stolen payment card assistance, card and document registration, identity fraud support service and more.

“The IdentitySecure Program for Realtors^® will empower Realtors^® to retain more control over their personal data and prevent fraudulent activity,” said Bob Goldberg, senior vice president of Marketing and Business Development, Commercial Services and Business Specialties. “IdentitySecure meets the needs of our members, and this new partnership is truly a benefit for the Realtor^® family.”

NAR members who enroll in the IdentitySecure Program for Realtors^® will receive a 30-day trial for $1 and may continue their monthly membership for $9.95 per month — a discount of 45 percent. For more information on how to enroll visit www.REALTOR.org/IdentitySecure/PR.

NAR’s REALTOR Benefits^® Program offers practical solutions for Realtors^® on the products and services they use every day. The program includes offerings in a variety of categories from nearly 30 companies recognized as leaders in their respective industries.

The National Association of Realtors^®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

¹Javelin Strategy & Research 2009 Identity Fraud Survey Report

Information about NAR is available at www.realtor.org. This and other news releases are posted in the Web site’s “News Media” section in the NAR Media Center.

REALTOR^® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS^® and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS^®. All REALTORS^® are members of NAR.

MCLEAN, Va.  (Profitable.com)  Freddie Mac (OTC Bulletin Board: FMCC) said today its maximum conforming loan limits for the first nine months of 2011 will be unchanged from those in effect during 2010 as the result of new calculations from the Federal Housing Finance Agency.  

News Facts:

• The base conforming loan limits (applicable to non-high cost areas) for all of 2011 remain:
  • $417,000 for mortgages on one-unit properties;
  • $533,850 for mortgages on two-unit properties;
  • $645,300 for mortgages on three-unit properties; and
  • $801,950 for mortgages on four-unit properties.
• Maximum loan limits for the nation’s high cost areas for the first nine months of remain unchanged from last year.  The current maximum high cost limit is $729,750 for a 1-unit single family property in the contiguous United States, although actual loan limits for a specific high-cost area may be lower than the maximum permitted loan limit.
• The 2011 maximum loan limits for high cost areas are in effect for mortgages originated through September 30, 2011, consistent with a Congressional continuing resolution that extends the current maximum limits.
• The continuing resolution sets the maximum loan limits for high cost areas for the first nine months of 2011 as the higher of the maximum limits determined under the Economic Stimulus Act of 2008 (ESA) and the Housing and Economic Recovery Act of 2008 (HERA).  These limits are updated annually by FHFA.  
• After calculating the 2011 HERA loan limits and comparing them to the ESA limits, FHFA determined the maximum loan limits for high cost areas for the first nine months of 2011 would be the same as the 2010 maximum loan limits for these areas.  
• For more information on the conforming loan limits, visit the Federal Housing Finance Agency website at www.fhfa.gov.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

WASHINGTON  (Profitable.com)  Homeowners will be protected by a new Federal Trade Commission rule that bans providers of mortgage foreclosure rescue and loan modification services from collecting fees until homeowners have a written offer from their lender or servicer that they decide is acceptable.  

“At a time when many Americans are struggling to pay their mortgages, peddlers of so-called mortgage relief services have taken hundreds of millions of dollars from hundreds of thousands of homeowners without ever delivering results,”  FTC Chairman Jon Leibowitz said.  ”By banning providers of these services from collecting fees until the customer is satisfied with the results, this rule will protect consumers from being victimized by these scams.”  

The FTC is issuing the Mortgage Assistance Relief Services (MARS) Rule to protect distressed homeowners from mortgage relief scams that have sprung up during the mortgage crisis.  Bogus operations falsely claim that, for a fee, they will negotiate with the consumer’s mortgage lender or servicer to obtain a loan modification, a short sale, or other relief from foreclosure.  Many of these operations pretend to be affiliated with the government and government housing assistance programs.  The FTC has brought more than 30 cases against operations like these, and state and federal law enforcement partners have brought hundreds more.

Advance fee ban  

The most significant consumer protection under the FTC’s new rule is the advance fee ban.  Under this provision, mortgage relief companies may not collect any fees until they have provided consumers with a written offer from their lender or servicer that the consumer decides is acceptable, and a written document from the lender or servicer describing the key changes to the mortgage that would result if the consumer accepts the offer.  The companies also must remind consumers of their right to reject the offer without any charge.

Disclosures

The Rule requires mortgage relief companies to disclose key information to consumers to protect them from being misled and to help them make better informed purchasing decisions.  In their advertising and in communications directed at individual consumers (such as telemarketing calls), the companies must disclose that:

• they are not associated with the government, and their services have not been approved by the government or the consumer’s lender;
• the lender may not agree to change the consumer’s loan; and
• if companies tell consumers to stop paying their mortgage, they must also tell them that they could lose their home and damage their credit rating.

Companies also must explain in their communications to consumers that they can stop doing business with the company at any time, can accept or reject any offer the company obtains from the lender or servicer, and, if they reject the offer, they don’t have to pay the company’s fee.  The companies also must disclose the amount of the fee.

Prohibited claims

The MARS Rule prohibits mortgage relief companies from making any false or misleading claims about their services, including claims about:

• the likelihood of consumers getting the results they seek;
• the company’s affiliation with government or private entities;
• the consumer’s payment and other mortgage obligations;
• the company’s refund and cancellation policies;
• whether the company has performed the services it promised;
• whether the company will provide legal representation to consumers;
• the availability or cost of any alternative to for-profit mortgage assistance relief services;
• the amount of money a consumer will save by using their services; or
• the cost of the services.

In addition, the rule bars mortgage relief companies from telling consumers to stop communicating with their lenders or servicers.  Companies also must have reliable evidence to back up any claims they make about the benefits, performance, or effectiveness of the services they provide.

Attorney exemption

Attorneys are generally exempt from the rule if they meet three conditions:  they are engaged in the practice of law, they are licensed in the state where the consumer or the dwelling is located, and they are complying with state laws and regulations governing attorney conduct related to the rule.  To be exempt from the advance fee ban, attorneys must meet a fourth requirement – they must place any fees they collect in a client trust account and abide by state laws and regulations covering such accounts.

All provisions of the rule except the advance-fee ban will become effective December 29, 2010.  The advance-fee ban provisions will become effective January 31, 2011.

The FTC rulemaking proceeding was conducted pursuant to Congressional legislation sponsored in 2009 by Senators Jay Rockefeller and Byron Dorgan.  The Final Rule applies only to entities within the FTC’s jurisdiction under the Federal Trade Commission Act, which excludes, among others, banks, savings and loans, federal credit unions, common carriers, and entities engaged in the business of insurance.  In June 2009, the FTC issued an Advance Notice of Proposed Rulemaking seeking comment on the practices of for-profit mortgage relief companies.  In February 2010, the FTC announced a Notice of Proposed Rulemaking and sought comments from interested persons, including advocates for consumers, the business community, and the legal profession.

Click here for facts about mortgage consumers’ rights.

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them.  To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant  or call 1-877-FTC-HELP (1-877-382-4357).  The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 1,800 civil and criminal law enforcement agencies in the U.S. and abroad.  The FTC’s Web site provides free information on a variety of consumer topics.

WASHINGTON  (Profitable.com)  The “robo-signing” scandal that has exposed illegal practices by servicers of mortgage loans has also showed the urgent need to reform a broken system that is plagued with abuses, lacks adequate resources and has pushed countless homeowners toward foreclosure.

That’s the message that Diane Thompson, a lawyer for the National Consumer Law Center, delivered in testimony Tuesday to the Senate Committee on Banking, Housing and Urban Affairs.

“The lack of restraint on servicer abuses has created a moral hazard juggernaut that at best prolongs and deepens the current foreclosure crisis and at worst threatens our global economic security,” Thompson said.

“Recent exposures of robo-signing and lack of ownership documentation by servicers have taken the wraps off a servicing system that has failed homeowners, investors and our society,” Thompson said. Basic flaws in that system include repeated failures to service loans, account for payments, limit fees to those that are reasonable and necessary, and provide loan modifications even when they could serve investors and allow homeowners to avoid foreclosures and evictions.

“Servicing abuses cause much of the pain and losses being endured by millions of Americans in a crisis in which homeowners face foreclosures at triple the rate of 1933, at the height of the Great Depression,” Thompson said.

Thompson submitted written testimony that included 14 pages of detailed recommendations for reforms that would improve the servicing system and make loan modifications available to homeowners who might otherwise lose their homes.

Key reforms would include:

• Modifications must be available prior to setting in motion the expensive and traumatic machinery of foreclosure.
• Principal reductions must be available through bankruptcy or participation in the Making Home Affordable (HAMP) and other government programs.
• Homeowners must be able to contact and speak with a representative of their servicer with the information and authority to modify their loan, and to enforce their rights through mediation and in court with legal representation.
• Modifications should be mandatory when they can be shown to benefit investors as well as homeowners, and servicers must be required to seek waivers when investors’ rights block otherwise beneficial modifications.
• Servicing arrangements must be made more transparent, regularly reviewed by regulators and limit normal and default fees to reasonable amounts.

“The foreclosure crisis has inflicted immeasurable pain on America,” Thompson said. “Congress must provide some urgently needed relief by reforming the servicing system and clearing the way for homeowners who might otherwise lose their homes to get loan modifications.”

For more information, or to arrange an interview with Diane Thompson, contact Rick Jurgens at 617-226-0334. Thompson’s testimony is posted online at

www.nclc.org/images/pdf/foreclosure_mortgage/mortgage_servicing/testimony-senate-banking.pdf.

The National Consumer Law Center is a non-profit organization that seeks marketplace justice on behalf of vulnerable Americans. NCLC works with, and offers training to, thousands of legal-service, government and private attorneys, as well as community groups and organizations representing low-income families. Our legal manuals and consumer guides are standards of the field. Learn more on our Web site: http://www.nclc.org.

Company started in 1985 now among nation’s five largest retail mortgage lenders

DETROIT  (Profitable.com)  Quicken Loans Inc., the nation’s largest online lender, and a top-five retail mortgage lender, today announced it recently closed its 1 millionth home loan.  This milestone comes in the same year the company is celebrating its 25th anniversary.

Quicken Loans, founded in 1985 by Dan Gilbert, its current chairman, has grown into the nation’s largest online home lender, assisting clients and closing loans in all 50-states from centralized Internet lending centers in Michigan, Ohio and Arizona.

“We believe the success we have achieved in the last quarter century has two primary pillars; first and foremost, is the unique, special and highly empowering environment and culture we have created for the 4,000-plus incredible, curious, aware and motivated team members who make up our brain-force.  Second, is our core strategy, initiated years ago to develop a technology driven, process-focused, large scale capacity to process and close home loans in all 50 states and 3,000 counties from a centralized environment with a level of client care and experience unparalleled in our business,” said Gilbert.

To celebrate, Todd and Jill Biedermann of Stewartstown, Pennsylvania – whose recently closed mortgage became the company’s 1 millionth loan, were surprised at their home by Quicken Loans leaders with the good news that the company awarded the Biedermanns an amount equal to their mortgage payments for a full year.  The Biedermanns also received an iPad with a congratulatory message from Quicken Loans CEO Bill Emerson in addition to several items from Quicken Loans’ sister companies, including signed memorabilia from the NBA’s Cleveland Cavaliers,  a certificate for custom Fatheads, a home security system from Protect America and one free year of credit monitoring from Quizzle.

“Today’s celebration is a tribute to the company that we have built – a company that shuns bureaucracy and understands that numbers and money follow, they don’t lead,” Emerson said. “We understand that people, not profits, are the gears that drive business, and by unleashing our team members’ ability to impact positive change we not only receive the great benefits of their input, we also develop much happier and productive team members. Each day our team members come to work with one singular focus – what can they do today to amaze our clients.”

Quicken Loans closed a record total of $6.8 billion in home loan volume during the recent two month period of September 1st – October 31st, 2010. In the past two years, the company has closed more than 250,000 individual home loans.  

“We have achieved record loan volume, revenue and profitability at a time when our industry has faced its most serious challenges in history,” added Gilbert. “We will continue to obsess over improving the quality of our clients’ experience and further decrease the time it takes between application and closing, which already leads the industry by a wide margin.  We remain committed to treating each and every client as if they are a part of our family.  I look forward to closing our next million home loans and beyond.”

Quicken Loans is inviting consumers to celebrate its millionth loan and 25-year anniversary through the “Thanks a Million” contest and instant-win game.  The contest, which runs through December, will pay off one client’s loan, up to $250,000. To qualify, clients must close their loan with Quicken Loans no later than December 31, 2010.  For consumers not currently considering a home purchase or refinance, the company also is running an instant win game offering visitors the opportunity to win one of several thousand gifts, including credit monitoring services from Quizzle.com, lifesize wall graphics from Fathead, home alarm systems from Protect America and gift cards from popular retailers. To play the instant win game and learn more visit:  www.quickenloans.com/thanks.

About Quicken Loans Inc.

Quicken Loans Inc. is the nation’s largest online retail mortgage lender and among the five largest overall retail home lenders in the United States. The company closed more than $25 billion in retail home loan volume across all 50 states in 2009, and recently closed its 1 millionth loan. Quicken Loans employs approximately 4,000 team members and generates loan production from five web centers located in Michigan, Ohio and Arizona. Quicken Loans also operates a centralized loan processing facility in Michigan as well as its San Diego-based One Reverse Mortgage unit. QuickenLoans.com has been named “Best of the Web” by Forbes and Money magazines. Quicken Loans has been named to Fortune magazine’s list of the country’s “100 Best Companies To Work For” seven consecutive years, ranking as high as #2. Quicken Loans has also been named in the top-15 of Computerworld magazine’s “100 Best Places To Work In Technology” for six years in a row. The company recently moved its headquarters and 1,700 of its full-time team members to downtown Detroit. For more information about Quicken Loans, please visit www.quickenloans.com.

About Rock Holdings Inc.

Rock Holdings Inc. is the parent company for several financial services related businesses. These client-focused and technologically-driven companies include Quicken Loans, the nation’s largest online home lender and its One Reverse Mortgage unit, the fastest growing reverse mortgage lender in America; Title Source, a nationwide leader of title insurance and settlement services; Quicken Loans Mortgage Services (QLMS), a mortgage origination platform servicing community banks and credit unions across the country; In-House Realty, the preferred real estate partner of Quicken Loans that matches clients with trusted real estate agents in all 50 states; and, Quizzle.com, the online innovator and website where consumers manage their home, money and credit. Rock Holdings, Inc. also recently moved its headquarters to downtown Detroit.

NEW YORK  (Profitable.com)  Mortgage rates revisited record lows this week, with the average rate on the benchmark conforming 30-year fixed mortgage rate returning to 4.42 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.37 discount and origination points.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.

The average 15-year fixed mortgage hit a new low of 3.81 percent, and the larger jumbo 30-year fixed rate did as well, sinking to 5.04 percent. Adjustable rate mortgages were mostly lower, with the average 5-year ARM falling to 3.57 percent and the average 7-year ARM retreating to 3.87 percent.  

Mortgage rates fell back into record low territory this week. The Federal Reserve has announced another injection of $600 billion over the next 8 months, but it remains to be seen if this is enough to push Treasury yields and mortgage rates lower, and if so, by how much. Even if the Fed is successful in pushing rates lower, it doesn’t alter the fact that many would-be borrowers are upside-down, living on a reduced income, or concerned about a lack of job security.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.42 percent, the monthly payment for the same size loan would be $1,003.89, a savings of $238 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 4.42% — down from 4.51% last week (avg. points: 0.37)

15-year fixed: 3.81% — down from 3.90% last week (avg. points: 0.28)

5/1 ARM: 3.57% — down from 3.67% last week (avg. points: 0.34)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week’s move in mortgage rates, go to http://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. Nearly half of the panelists, 47 percent, think the Fed will be successful in pushing mortgage rates lower. One-in-three – 33 percent – expect mortgage rates to rise, while 20 percent forecast that mortgage rates will remain more or less unchanged over the next week.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI.

About Bankrate, Inc.

The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe CreditCardGuide.com, Bankaholic, CreditCards.com and NetQuote.  Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company’s flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), The Wall Street Journal and The New York Times (NYSE: NYT). Bankrate.com’s information is also distributed through more than 500 newspapers.  Bankrate, Inc. was acquired by Apax Partners, one of the world’s leading private equity investment groups, in September 2009.  Apax operates across the United States, Europe and Asia and has more than 30 years of investing experience. For more information on Apax, visit: www.Apax.com.

NEW YORK  (Profitable.com)  Mortgage rates increased this week, with the average rate on the benchmark conforming 30-year fixed mortgage rate moving to 4.51 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.33 discount and origination points.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.

The average 15-year fixed mortgage climbed to 3.9 percent, and the larger jumbo 30-year fixed rate reversed last week’s move, returning to 5.10 percent. Adjustable rate mortgages were higher also, with the average 5-year ARM rising to 3.67 percent and the average 7-year ARM rebounding to 3.95 percent.  

Mortgage rates increased, returning to levels last seen one month ago. While the Federal Reserve is poised to announce renewed efforts to boost the economy, it doesn’t automatically mean lower mortgage rates. Investors tempering their expectations were behind the increase seen this week and if inflation worries increase once specifics of the Fed’s bond-buying are announced, mortgage rates could continue moving higher. Time will tell just what impact the Fed has on mortgage rates and the overall economy.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.51 percent, the monthly payment for the same size loan would be $1,014.56, a savings of $227 per month for a homeowner refinancing now.

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week’s move in mortgage rates, go to http://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. A majority of the panelists, 63 percent, expect mortgage rates to move higher. Nearly one in three, 31 percent, say mortgage rates aren’t headed much of anywhere and will remain more or less unchanged. Just six percent predict a decline in mortgage rates over the next week.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI.

About Bankrate, Inc.

The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe CreditCardGuide.com, Bankaholic, CreditCards.com and NetQuote.  Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company’s flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), The Wall Street Journal and The New York Times (NYSE: NYT). Bankrate.com’s information is also distributed through more than 500 newspapers.  Bankrate, Inc. was acquired by Apax Partners, one of the world’s leading private equity investment groups, in September 2009.  Apax operates across the United States, Europe and Asia and has more than 30 years of investing experience. For more information on Apax, visit: www.Apax.com.

OCEANSIDE, Calif.  (Profitable.com)  One by one, the major players in the mortgage industry have put a freeze on foreclosures in the past several weeks. Bank of America, CitiMortgage, Chase, GMAC and PNC all have halted foreclosures – for now. What this means to homeowners possibly facing foreclosure and/or bankruptcy is that previously unattainable loan modifications may now become a long-awaited reality.

“This is truly a win-win for everyone,” says Matthew Smith, founder of ModPilot consumer guides. “The homeowners get to stay in their homes, and the bank turns a bad loan into a performing asset.” When banks offer loan modification agreements, he explains, they are opening up a stream of revenue for loans that had previously not been generating any interest income.

Homeowners can use this situation to their advantage, says Smith. Even homeowners who already have been turned down for a loan modification agreement may now be considered good candidates. “In fact,” he says, “this is exactly what happened in most of the cases affected by the foreclosure freeze now in effect. Now that the foreclosure option has been taken off the table in many areas, the banks are much more willing to work with borrowers to find some type of loan workout solution. We’re talking thousands of stalled transactions they want to get off the books.”

He warns homeowners previously rejected to make sure their applications are prepared and submitted correctly. Consumers should learn how to fill out application forms to ensure they meet approval criteria, Smith advises.

ModPilot is a program designed specifically for this purpose. The program was created by a team with more than 50 years of combined experience in the real estate and financial services. With ModPilot, the homeowner inputs his or her monthly income and bills, and all the calculations are done immediately and accurately.  

ModPilot packages – available for mortgages, auto loans and consumer credit card debt can save consumers thousands of dollars. “All of our systems,” says Smith, “are built to give consumers an edge in the negotiation process by giving them written best practices with their specific lender in mind and direct phone or email support from professional negotiators.”

To learn more about ModPilot, visit http://www.ModPilot.com

About the founder

Matthew Smith founded ModPilot to help his past mortgage clients quickly and efficiently modify their mortgages on their own terms according to their specific needs. Smith has been in the mortgage and homeowner advocate industries for more than a decade. His companies have funded more than $1 billion in loans and helped thousands of clients obtain and maintain the American dream of homeownership.

Contact:
 
Matthew Smith
ModPilot(TM) Inc.
760-543-0219

LAWRENCE, Kan.  (Profitable.com)  The commercial real estate industry is made up of more women than it was in 2005, but parity issues with respect to salary and promotion levels between men and women in the field remain persistent challenges, according to a new study, Women in Commercial Real Estate: 2010, released today by Commercial Real Estate Women (CREW) Network.

Commercial Real Estate: 2010 is a follow-up to the first ever in-depth look at the issue of men and women in commercial real estate, which was conducted by CREW Network in 2005.

The study released today revealed that a greater number of women are now pursuing careers in commercial real estate, along with a number of additional key findings:

• More women are entering the field of commercial real estate and finding opportunity: 36 percent in 2005 as compared to 43 percent today – a seven percent increase.
• The study found an increase in the number of women with less than five years of experience and women with more than 20 years of experience.
• The wage gap between men and women is narrowing, but still present. More women are now in the $100,000 per year to $250,000 per year salary category, but still fewer than men.  Whereas only 8% of women surveyed in 2005 were at the $250,000 level, by 2010 that figure had increased to 11%, while the percentage of men in the same compensation category had decreased from 34% to 31%.
• In 2010, there are three times more men than women respondents represented at the $250,000 compensation level.
• In 2010, two times as many women as men reported earning less than $75,000 per year as opposed to three times as many in 2005.
• Men still report earning a greater portion of their overall compensation from various forms of variable compensation such as bonuses, stock options, etc. but both men and women are beginning to report that a higher percentage of their total compensation is drawn from base salary (58% in 2005 to 67% in 2010).
• C-Suite positions continue to be a majority male: In the survey, 9% of the female respondents reported holding a C-suite position – President, CEO, CFO, COO – while 22% of the male respondents reported holding C-Suite positions.
• Overall, the number of C-Suite positions was significantly reduced in the 2010 study for both men and women, compared to the 2005 study, in response to the depressed economy in 2010. Women who reported being in C-Suite positions declined from 13% in 2005 to 9% in 2010, whereas men declined from 32% to 22%, respectively.

“We are encouraged that more women are finding opportunity in commercial real estate,” said Kristin E. Blount, 2010 CREW Network President and Vice President and Partner, Brokerage at Colliers, Meredith & Grew in Boston. “Compensation and advancement issues remain, but these may be a reflection of differing long term goals with respect to men and women, as reflected by our questions on this topic. At the same time, it remains an issue that is important to understand fully and will be the subject of ongoing study.”

“CREW’s groundbreaking study shows that growing numbers of women are choosing a commercial real estate career but work still needs to be done to achieve true parity,” said Mike Lafitte, President, Americas, CB Richard Ellis. “As an industry leader, CB Richard Ellis is fully engaged in the effort to ensure that the talents and performance of women commercial real estate professionals are given full opportunity to flourish. We are very proud to support CREW in this effort.”  

“Change never happens as quickly as we think it should, but in 2010 we would expect to see gender inequities completely disappear, said Gail S. Ayers, Ph.D., CREW Network CEO.  ”CREW Network will continue to use its resources to lead the change that is absolutely critical.”

The study was administered by the Cornell University Program in Real Estate to more than 2900 individuals in a wide variety of specialties within commercial real estate. Respondents were reached through 13 professional associations serving various aspects of commercial real estate.

The premier underwriter is CB Richard Ellis; executive underwriter is Prudential and the associate underwriters are Kutak Rock, LLP and CREW Foundation.

About CREW Network

The mission of CREW Network (www.crewnetwork.org) is to influence the success of the commercial real estate industry by advancing the achievements of women. CREW Network does this by looking outward to bring more women into the industry, showcasing member successes and serving as a key resource to its members and the industry. CREW Network members represent all disciplines of commercial real estate – every type of expert required to “do the deal.” Members comprise 8,000 commercial real estate professionals in 73 chapters across North America.

NEW YORK  (Profitable.com)  Congressman Phil Gingrey has introduced The Homebuyer Enhanced Fee Disclosure Act of 2010 (HR 6332) – a bill to facilitate and standardize disclosure of private transfer fees.

Private transfer fees lower a home’s initial purchase price by spreading infrastructure and development costs among future homebuyers, rather than forcing the initial buyer to absorb 100 percent of development costs.

Nationwide, an estimated 12 million homes have a private transfer fee.  In the wake of our recent housing crisis developers have looked at selling off the future income (essentially creating a “development bond”) with the financing used to pay for infrastructure, restarting stalled projects, and paying down development loans.

Bryan J. Cohen, Esq., General Counsel and Executive Vice President of Freehold Capital Partners, said, “Disclosure is the key to making private transfer fees work for all stakeholders – home buyers, developers, banks, non-profit organizations and communities. The proposed legislation provides important consumer protections by ensuring uniform transparency and disclosure of private transfer fees in all relevant real estate transactions, while preserving a valuable mechanism for spreading infrastructure costs, reducing negative equity, and making home ownership more affordable.”

In addition to ensuring that consumers are armed with the facts necessary to make an informed purchase decision, HR 6332 resolves the concerns raised by the National Association of Realtors, the title industry, the Federal Housing Finance Authority (FHFA) and state legislatures.

Home Prices Remain Stable Around Recent Lows

NEW YORK  (Profitable.com)  Data through July 2010, released today by Standard & Poor’s for its S&P/Case-Shiller(1) Home Price Indices, the leading measure of U.S. home prices, show that the annual growth rates in 16 of the 20 MSAs and the 10- and 20-City Composites slowed in July compared to June 2010.  The 10-City Composite is up 4.1% and the 20-City Composite is up 3.2% from where they were in July 2009. For June they were reported as +5.0% and +4.2%, respectively. Although home prices increased in most markets in July versus June, 15 MSAs and both Composites saw these monthly rates moderate in July.

The annual returns of the 10-City and 20-City Composite Home Price Indices show increases of 4.1% and 3.2%, respectively, in July 2010 compared to the same month in 2009. With July’s data, 10 of the 20 MSAs are reporting negative annual growth rates. With June’s report only five cities were negative on an annual basis – Atlanta, Cleveland, Dallas, Denver and Portland all fell back to reporting declining annual growth rates. The three cities in California, Los Angeles, San Diego and San Francisco, showed the strongest annual growth rates of +7.5%, +9.3% and +11.2%, respectively; but these too are weaker than June’s print.

“Home prices crept forward in July. Ten of the 20 cities saw year-over-year gains and only one – Las Vegas – made a new bottom, as the impact of the first time home buyer program continued to fade away,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “The year-over-year growth rates for 16 of the cities and both Composites weakened in July compared to June. While we could still see some residual support from the homebuyers’ tax credit, which covers purchases closing through September 30th, anyone looking for home price to return to the lofty 2005-2006 might be disappointed.  Judging from the recent behavior of the housing market, stable prices seem more likely.

“In the monthly data, 12 of the 20 MSAs and the two Composites were up in July over June; but the monthly rates also seem to be weakening. The next few months may give us an idea of the true strength of the housing market, as the temporary economic stimuli will have ended. Housing starts, sales and inventory data reported for August do not show signs of a robust market, and foreclosures continue.”

As of July 2010, average home prices across the United States are back to the levels where they were in late 2003. Measured from June/July 2006 through July 2010, the peak-to-current declines for the 10-City Composite and 20-City Composite are -28.3% and -27.9%, respectively. The improvement from their April 2009 trough is +7.9% and +6.9%, respectively.

In July, continuing its downward trend in all but two of the past 46 months, Las Vegas posted another index low as measured by the current housing cycle, when it peaked in August 2006. Peak-to-trough, that market is down 57.0%. Charlotte, Dallas, Denver, Phoenix, Portland and Tampa also saw prices decline in July.

Twelve of the 20 MSAs and both Composites showed month-over-month increases in July. The 10- and 20-City Composites were up 0.8% and 0.6%, respectively.  San Diego posted its 15th consecutive monthly increase. Chicago, Detroit, New York and Washington DC posted monthly increases of greater than 1%.

The table below summarizes the results for July 2010. The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data. More than 23 years of history for these data series is available, and can be accessed in full by going to www.homeprice.standardandpoors.com.

A summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data can be found in the table below.

These indices are generated and published under agreements between Standard & Poor’s and Fiserv, Inc.

The S&P/Case-Shiller Home Price Indices are produced by Fiserv, Inc. In addition to the S&P/Case-Shiller Home Price Indices, Fiserv also offers home price index sets covering thousands of zip codes, counties, metro areas, and state markets. The indices, published by Standard & Poor’s, represent just a small subset of the broader data available through Fiserv.

For more information about S&P Indices, please visit www.standardandpoors.com/indices.

(1) Case-Shiller® and Case-Shiller Indexes® are registered trademarks of Fiserv, Inc.

About S&P Indices

S&P Indices, the world’s leading index provider, maintains a wide variety of investable and benchmark indices to meet an array of investor needs. Over $1.25 trillion is directly indexed to Standard & Poor’s family of indices, which includes the S&P 500, the world’s most followed stock market index, the S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, the S&P Global BMI, an index with approximately 11,000 constituents, the S&P GSCI, the industry’s most closely watched commodities index, and the S&P National AMT-Free Municipal Bond Index, the premier investable index for U.S. municipal bonds. For more information, please visit www.standardandpoors.com/indices.  

About Standard & Poor’s

Standard & Poor’s, a subsidiary of The McGraw-Hill Companies (NYSE: MHP), is the world’s foremost provider of independent credit ratings, indices, risk evaluation, investment research and data. With offices in 23 countries and markets, Standard & Poor’s is an essential part of the world’s financial infrastructure and has played a leading role for 150 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com.

For more information about S&P Indices, please visit www.standardandpoors.com/indices.

AUSTIN, Texas  (Profitable.com)  While vacation rentals have long been popular among families and groups traveling together, HomeAway®, Inc. — the world’s leading online vacation rental marketplace — finds in its latest “HomeAway Vacation Rental Marketplace Report” the appeal of vacation rentals to business travelers also continues to grow in popularity.

According to HomeAway’s sixth quarterly report, 10 percent of travelers say they have stayed in a vacation rental for a business trip and 42 percent say they would consider a vacation rental while traveling for business.  Respondents say they prefer a vacation rental over a hotel for a business trip for the following reasons:

• Access to amenities, such as a kitchen and laundry room (69 percent)
• More cost-effective (58 percent)
• Provides a more home-like experience (49 percent)
• More space (44 percent)
• Has more bedrooms for coworkers or family (35 percent)
• Ideal for extended stays (32 percent)
• Provides more privacy (25 percent)
• Ideal for entertaining clients (10 percent)

“For business travelers looking to cut costs, particularly for extended stays, vacation rentals provide real value,” says Brian Sharples, chief executive officer of HomeAway.  ”Those traveling on business can avoid pricey hotel restaurants and mini-bars by dining in their own home away from home, and they have more space to work or relax – something that’s not easily done in a cramped hotel room.”

Whether traveling for business or pleasure, when given the choice of renting an entire vacation home, apartment or condo, or staying in a private or shared room, 98 percent of travelers say they prefer to rent an entire home.  Less than 2 percent prefer renting a private room in a home and less than 1 percent prefer a shared-room experience.

Private rooms typically consist of a private bedroom in a home in which the owner or landlord is on site, and a shared room typically is a sofa bed or a similar sleeping arrangement in a shared common living area of a home.

“Based on the vacation rental report’s quarterly findings, it’s clear travelers put a premium on privacy and security when traveling,” says Sharples.  

Dreaming of a Vacation Home of Their Own

When asked if they have considered buying a vacation home, about one in five (20 percent) travelers say they have dreamed of owning a vacation home.

“While many people dream of buying a beach home or mountain cabin one day, most don’t realize that it’s more affordable than they think,” says Tom Kelly, real estate expert and author of “How a Second Home Can Be Your Best Investment.”  ”By buying the home and then renting it to travelers, second home owners can generate rental income that can help offset the mortgage and other home costs.”

The HomeAway report found nearly one-third (31 percent) of vacation rental owners have generated more revenue this year compared with the same period last year, and approximately 40 percent of owners reported generating about the same amount of income from their properties as they did last year.

More Second Home Owners Getting In on the (Rental Revenue) Action

In the past three HomeAway Vacation Rental Marketplace Reports, Sunset Beach, N.C., has ranked as the market with the largest increase in new vacation rental listings.  Sandpoint, Idaho; Lancaster, Pa.; Lexington, Ky.; and Atlanta were among the cities making the list for the first time since reporting began.

In some instances, people are buying a vacation home before they’ve even bought a primary residence.  The report found about 14 percent of second home owners purchased their vacation home before buying their primary residence.

Many new vacation rental owners are finding it fruitful to rent out properties during special events and/or festivals.  In fact, 61 percent of those surveyed say they have or would rent their vacation homes out for a sporting event or festival – be it the Super Bowl or a local wine festival.

In terms of the fastest-growing destinations among travelers, vacation rental owners in New Orleans continue to see increases in inquiries from people looking to visit the Big Easy, despite the recent oil spill in the Gulf of Mexico.  In fact, New Orleans has ranked in the top three markets with the largest year-over-year percent increase in traveler interest for the past four quarters.

In the most recent report for the second quarter of 2010, the following destinations had the largest year-over-year percent increase in traveler interest:

1. New Orleans (up 160%)
2. West Hollywood, Calif. (up 151%)
3. Santa Monica, Calif. (up 139%)
4. Chicago (up 131%)
5. Hot Springs, Ark. (up 129%)
6. Lancaster, Pa. (up 122%)
7. Snowshoe Mountain, W. Va. (up 112%)
8. Phoenicia, N.Y. (up 109%)
9. New York City (up 104%)
10. Beverly Hills, Calif. (up 95%)

About the HomeAway Vacation Rental Marketplace Report

Data for the HomeAway Vacation Rental Marketplace Report was collected via surveys that poll travelers and homeowners on vacation rental-related issues. Based on HomeAway, Inc. internal customer satisfaction research, traveler results are based on 813 responses collected between September 14 and September 20, 2010.  Owner results are based on 264 responses received between Aug. 17 and Sept. 1, 2010.  Market trends were based on a combination of in-depth research of supplier and consumer markets from the HomeAway, Inc. database.

About HomeAway, Inc.

HomeAway, Inc., based in Austin, Texas, is the worldwide leader in online vacation rentals, representing more than 540,000 paid vacation rental home listings throughout 120 countries. HomeAway offers an extensive selection of vacation homes that provide travelers with memorable experiences and benefits, including more room to relax and added privacy, for less than the cost of traditional hotel accommodations. The company also makes it easy for vacation rental owners and property managers to advertise their properties and manage bookings online. The HomeAway portfolio includes the leading vacation rental websites HomeAway.com, VRBO.com and VacationRentals.com in the United States; HomeAway.co.uk and OwnersDirect.co.uk in the United Kingdom; HomeAway.de in Germany; Abritel.fr and Homelidays.com in France; HomeAway.es in Spain; and AlugueTemporada.com.br in Brazil.

In addition, HomeAway operates BedandBreakfast.com, the most comprehensive global site for finding bed-and-breakfast properties, providing travelers with another source for unique lodging alternatives to chain hotels. For more information about HomeAway, please visit www.HomeAway.com.

St. Louis, MO  (Profitable.com)  After four years of work and $80 million in construction costs, custom-designed luxury condominiums in the Chase Park Plaza are now complete. Named The Private Residences at the Chase Park Plaza, these 86 condominiums are deemed St. Louis’ first living spaces atop a world-class hotel, with access to all of its amenities.

“For the first time in the rich history of The Chase Park Plaza, this landmark building is the address for sophisticated homeowners,” said Marcia Smith Niedringhaus, general counsel and executive vice president of development for Kingsdell L.P., managing general partner of the Chase Park Plaza. “Our ‘standard’ finishes really set a new standard in luxury living, especially when combined with all of the amenities of the Chase Hotel.”

All units feature new plumbing and electrical systems and luxurious finishes valued at approximately twice that of standard finishes, including granite and marble showers with frameless glass doors, Décor solid maple cabinets, and wood flooring. Many units contain fireplaces, coffered ceilings, and private terraces overlooking the Central West End, Forest Park, and downtown St. Louis.

Also complete is the new Garden Terrace on the third floor rooftop, with an outdoor fireplace, two large gas grills, a dog-walking area, and a community garden that is shared by all residents.

Additional amenities that residents enjoy include:

• Savoy Room gathering area, with a fireplace and plasma television
• Complimentary membership to Santé Fitness & Wellness, the on-site health club
• 24-hour valet and security
• Private concierge services
• Two reserved indoor parking spaces plus bicycle storage
• Access to The Chase Hotel’s heated swimming pool, five-screen movie theater, salon and spa, five restaurants, catering, and housekeeping services.

“These new, custom-designed condominiums are now available at prices that have never been better,” said Niedringhaus. “We’re offering a variety of pricing and move-in incentives, and property taxes are substantially reduced through 2016, which could save residents as much as $200,000.” For more information on the history of The Chase Park Plaza, available units, pricing specials, and a full list of amenities, visit www.chaseresidences.com or call 314-633-1100.

Background

The Chase Park Plaza is listed in the National Register of Historic Places for its contribution to the history of St. Louis. “During the 1980s, The Chase Park Plaza was a dated apartment building that had fallen into disrepair,” said Niedringhaus. “Today, the exemplary style that once made The Chase an unparalleled destination for sophisticated travelers now sets the stage for unique style in luxury living.” (A timeline of The Chase’s history can be found at www.chaseresidences.com.)

Construction of The Private Residences began in 2007. The outside of the building was left intact, but the inside was completely renovated. Floors nine through 26 contain one-, two-, three-, and four-bedroom condominiums ranging from 1,200 to 4,200 square feet. Floor 27 contains the 7,000-square-foot penthouse, the highest living space available in a St. Louis landmark. This space presents a rare opportunity for the buyer to create a magnificent custom home, with soaring ceilings, unobstructed views of Forest Park and downtown St. Louis through floor-to-ceiling windows, and Art Deco terra cotta embellishments on a private terrace.

About The Private Residences at the Chase Park Plaza

Located in St. Louis’ Central West End, The Private Residences at The Chase Park Plaza are luxury condominiums that range from 1,020 square feet to nearly 7,000 square feet and list for $499,000 to $4.5 million. Owners can choose from more than 30 floor plans, including main-floor living and multi-level retreats. Residents enjoy house accounts with unique access to the hotel services, including 24-hour room service, private concierge services, in-house catering services and event support, health club memberships, and more. For more information, visit www.chaseresidences.com.

About The Chase Park Plaza

The Chase Park Plaza, which began as two buildings, has been a St. Louis landmark since the 1920s. Over the years, The Chase and Park Plaza welcomed discriminating travelers, royalty, entertainers, athletes, and politicians — including every American president between the 1920s and 1980s. The Chase continues to evolve, bringing storied history and lavish accommodations together with upscale living and unparalleled amenities. Today, The Chase Park Plaza encompasses the five-screen Chase Park Plaza Cinemas, Café Eau and Eau Bistro, The Tenderloin Room, Khorassan Room, The Zodiac Room and Starlight Roof, Chasers Lounge, a beautifully renovated conference center, and Santé Fitness & Wellness, an 18,000-square-foot wellness center.

CHICAGO  (Profitable.com)  Every house has a story.

That story can sell the house and nobody tells it better than the owner.

“Tell It and Sell It,” a new section of ForSaleByOwner.com, helps sellers turn stories into sales.

In today’s slow real estate market, it takes imagination to get buyers’ attention.  And once you’ve got their attention, home sellers need to know how to engage buyers with the key selling points of their properties.  Tell It and Sell It equips homeowners with case studies, checklists, tips, tactics and resources for telling and selling houses with unique stories, including:

• “Green” houses with energy-efficient features
• Live-work spaces perfect for home-based businesses
• Sears houses that represent a bungalow-sized bit of Americana
• Vacation homes with features like piers and family-friendly amenities
• “Not so big” houses that reflect today’s preferences for modest space, well designed

What’s the story behind the one-bedroom, energy-independent house a mile from the beaten path and 45 minutes from tiny Bisbee, Arizona? Susan Taylor built the house a decade ago when she moved to the area to help care for her aging parents. She sunk her savings into the house – quite literally, when it came to drilling 1,000 feet below the mesquite to hit the water table.  Craving independence, she designed the house to be energy self-supporting. It’s completely solar-powered, unconnected to the power grid.

Now, Taylor wants to travel. Through ForSaleByOwner.com, she sold the little casita to a like-minded couple.  Even as they add to its 400-square feet, they intend to keep it energy self-supporting.  In November, when the casita becomes theirs, they will start writing the next chapter of its story.

“You are the best teller of your house’s story,” said Joanne Cleaver, senior content producer of ForSaleByOwner.com.  ”Nobody is more invested in the history, features and unique functions of your house than you.  A unique story intrigues buyers, and that sets your house apart from the competition.”

ForSaleByOwner.com is the perfect venue for showcasing houses that don’t fit in the cookie-cutter mold of standard real estate listings, told by agents who repeat the same tired tactics when trying to sell every listing.  

At ForSaleByOwner.com, sellers get plenty of space for describing their houses and can upload lots of photos to tell their stories with pictures.

The new section can be found at: http://www.forsalebyowner.com/education/

About ForSaleByOwner.com

ForSaleByOwner.com is the nation’s leading “by owner” real estate website. Since 1999, ForSaleByOwner.com has saved home sellers more than one billion dollars by coaching and equipping them with information, tools and services that enable them to buy and sell houses directly.

By selling directly, homeowners can recoup more of their home equity by controlling transaction fees. The company charges $89 to $899 for its wide range of advertising, listing services and related information and tools. A homeowner selling a $300,000 home through a real estate agent would be charged a 6% commission and pay approximately $18,000, plus additional fees.

ForSaleByOwner.com was acquired in 2006 by Tribune Interactive and is based in Chicago.

ORLANDO, Fla.  (Profitable.com)  Sales of existing condominiums in Florida rose 11 percent in July, with a total of 5,557 condos sold statewide compared to 4,991 units sold in July 2009, according to the latest housing data released by Florida Realtors®.

Eleven of Florida’s metropolitan statistical areas (MSAs) reported higher existing condo sales in July, according to Florida Realtors. The statewide existing condo median sales price last month was $87,200; in July 2009 it was $108,500 for a 20 percent decrease. The national median existing condo price was $181,300 in June, according to the National Association of Realtors® (NAR).

Meanwhile, in the year-to-year comparison for existing home sales, a total of 13,589 single-family existing homes sold statewide last month compared to 15,762 homes sold in July 2009 for a decrease of 14 percent. Florida’s median existing-home sales price in July was $138,000; a year earlier, it was $147,600 for a decrease of 7 percent. The median is the midpoint; half the homes sold for more, half for less.

“The homebuyer tax credit expiration added a double dip to what has already been a harrowing ride in the Florida housing market,” said Dr. Sean Snaith, director for the University of Central Florida’s Institute for Economic Competitiveness. “As we move past this second dip, which is evident in the July data, the continued recovery of the state’s housing market will be contingent upon the improvement of the fundamental underpinnings of the housing sector.

“A healthy housing market depends upon a healthy Florida economy, and in particular, an improving labor market,” Snaith added. “Job growth and a declining unemployment rate will help sales continue to grow while at the same time reducing the number of foreclosures in Florida.”

2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville, noted that the Gulf oil spill, along with uncertainty over its impact, has affected the state’s housing market.

“Along with many local businesses in the Florida Panhandle and in other Gulf Coast states, real estate has experienced significant economic harm following the Deepwater Horizon drilling rig explosion and oil spill,” Davis said. “The announcement that a special allocation from the BP Oil Spill Fund is now available to help the claims of real estate professionals’ – Realtors and licensees – over loss of income or sales due to the Gulf oil spill is a positive action that will help bolster the state’s fragile economy recovery.”

The national median sales price for existing single-family homes in June 2010 was $184,200, up 1.3 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $331,150 in June; in California, it was $311,950; in Maryland, it was $265,268; and in New York, it was $220,750.

More jobs continue to be key to the housing sector’s recovery, according to NAR’s latest industry outlook. “There could be a couple of additional months of slow home-sales activity before picking up later in the year, provided the job market continues to improve,” said NAR Chief Economist Lawrence Yun.

The interest rate for a 30-year fixed-rate mortgage averaged 4.56 percent in July, down from the 5.22 percent averaged in July 2009, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Two charts showing statistics for Florida and the state’s MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in July 2010 to July 2009 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices in July 2010 to July 2009 based on Realtor transactions.

Florida Realtors®,  formerly known as the Florida Association of Realtors®, serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 115,000 members in 67 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.

Editor’s Note: You may wish to use this information with today’s release from the National Association of Realtors.

(1) *Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island Association of Realtors.

Editor’s note: Sales numbers represent totals of Realtors’ closed transactions from local Realtor boards/associations within the MSAs.

This information is based on a survey of MLS sales levels from local Realtor  boards/associations. MSAs are defined by the 2000 Census. Source: Florida Realtors® and the University of Florida Bergstrom Center for Real Estate Studies.

(1) *Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island Association of Realtors.

Editor’s note: Sales numbers represent totals of Realtors’ closed transactions from local Realtor boards/associations within the MSAs.

This information is based on a survey of MLS sales levels from local Realtor  boards/associations. MSAs are defined by the 2000 Census. Source: Florida Realtors® and the University of Florida Bergstrom Center for Real Estate Studies.

Measure Protecting Consumers From Overreaching Lenders Now Goes to Governor’s Desk for Signature

LOS ANGELES, CA  (Profitable.com)  The California State Assembly today approved SB 1178 (D-Corbett) by a 49 to 14 vote, extending anti-deficiency protection for consumers who have refinanced their original mortgage loans and now are facing foreclosure. The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) is the sponsor of the consumer-protection legislation.

Under existing law, if a homeowner defaults on a mortgage used to purchase a home — commonly referred to as a “purchase money mortgage” — the homeowner’s liability on the mortgage is limited to the property itself. However, homeowners who refinanced the original purchase debt, even if only to obtain a lower interest rate, were not extended the same protections. SB 1178 corrects this unfairness and extends the same protections to consumers who refinance their home loans. 

“Cash-out” debt for home improvement or consumer expenses is not protected by SB 1178. Similarly, additional new debt secured by the home, such as a home improvement loan, is not protected — only original acquisition debt.

“Today’s vote was a victory for homeowners in California, but the fight is not yet finished,” said C.A.R. President Steve Goddard. ”We are urging Gov. Schwarzenegger to swiftly sign into law this crucial piece of legislation. Passage of SB 1178 will ensure lenders underwrite refinance loans at least as carefully as purchase money mortgages and will provide much-needed consumer protection.”

SB 1178 now moves to Gov. Schwarzenegger for his signature. If signed, SB 1178 will become effective June 2011.

Leading the way…^® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with nearly 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

NEW YORK  (Profitable.com)  Mortgage rates posted the first increase in five weeks, with the average conforming 30-year fixed mortgage rate now 4.63 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.43 discount and origination points.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/

The average 15-year fixed mortgage reversed course to 4.11 percent, and the larger jumbo 30-year fixed rate inched lower to a new record low of 5.26 percent. Adjustable rate mortgages were mixed, with the average 3-year ARM rising to 4.28 percent and the average 7-year ARM slipping to 4.19 percent.  

Mortgage rates may have been higher this week, but its not all bad news. Mortgage rates are currently at the second lowest level on record, after last week’s record low. Also, with rates for larger jumbo mortgages that don’t carry federal guarantees moving lower while smaller conforming loan rates increased, the spread between them hasn’t been narrower since the first days of the credit crunch over three years ago.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.63 percent, the monthly payment for the same size loan would be $1,028.88, a savings of $213 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 4.63% — up from 4.57% last week (avg. points: 0.43)

15-year fixed: 4.11% — up from 4.06% last week (avg. points: 0.44)

5/1 ARM: 3.95% — up from 3.92% last week (avg. points: 0.24)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week’s move in mortgage rates, go to http://www.bankrate.com/mortgagerates

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. Rates aren’t likely to move lower, according to the respondents. Nearly half of the panelists – 47 percent – forecast an increase and an identical 47 percent expect mortgage rates to remain more or less unchanged. Just 6 percent predict mortgage rates will fall in the next week.  

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI

About Bankrate, Inc.

The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe CreditCardGuide.com, Bankaholic, CreditCards.com and NetQuote.  Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company’s flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), The Wall Street Journal and The New York Times (NYSE: NYT). Bankrate.com’s information is also distributed through more than 500 newspapers.  Bankrate, Inc. was acquired by Apax Partners, one of the world’s leading private equity investment groups, in September 2009.  Apax operates across the United States, Europe and Asia and has more than 30 years of investing experience. For more information on Apax, visit: www.Apax.com.

For more information contact:

Kayleen Yates
Senior Director, Corporate Communications
kyates@bankrate.com
(917) 368-8677

Unease over Job Creation, Government Policy and Capital Markets

WASHINGTON  (Profitable.com)  Unstable market fundamentals and uncertainty over government policy are among the significant concerns voiced by senior real estate executives about the economy’s tepid performance and the commercial real estate sector’s outlook for recovery, according to The Real Estate Roundtable’s 3rd Quarter 2010 Sentiment Index.

“Uncertainty reigns. Whether it is job creation, unstable capital markets or a volatile mix of current policy and the upcoming mid-term elections — investors and businesses are skittish, causing the commercial real estate outlook to be flat.  The good news is that last quarter’s view that commercial real estate markets have stopped falling has been confirmed this quarter and values for high quality assets show strength.  But the overall sentiment is that the industry is in for a long slow recovery characterized by extreme caution,” said Real Estate Roundtable President and CEO Jeffrey DeBoer.  

More than 110 executives from the commercial real estate sector – encompassing office buildings, shopping malls, warehouses, hotels, and apartment buildings – participated in the latest Q3 Sentiment Survey.  For the first time, the survey’s current and future conditions indices merged, scoring an Overall Sentiment Index of 74 (down from 76 in the previous quarter).  This score suggests a relatively positive trend and a flat trajectory.

The Overall Sentiment Index is calculated based on averages of both current and future indices – all measured on a scale of 1 to 100.  To reach an Overall Index of 100, for example, all survey respondents would have to answer that market metrics are “much better” today (Current Conditions) compared to one year ago, and also will be “much better” 12 months from now (Future Conditions).

Although a total of 62% of the survey participants reported real estate market conditions today as “somewhat better” than a year ago (down from 65% in Q2), only 19% said conditions are “much better” (up from 17% last quarter).  

Looking forward, 59% of respondents predicted conditions one year from now will be “somewhat better” (down from 60% in Q2), whereas only 20% expect conditions one year from now to be “much better” (down from 28% last quarter).   The overall Current Conditions index of 74 for Q3 2010 stands in stark contrast to a score of 36 for the same time period last year.

One participant responded, “The only certain thing in the world at the moment is uncertainty. Until companies begin re-hiring and the consumer regains confidence, we will remain stuck in the ditch.  It would help tremendously for the government to get out of the way.”

For real estate asset values, respondents report some improvement in expectations, yet emphasize the gap between valuations for Class A assets and all others.   According to a survey respondent, “The market remains very murky. The few quality assets that do come to market tend to attract rabid bidding, but there’s still general illiquidity.”  Fifty-seven percent of participating executives report asset values are “somewhat higher” than a year ago (up from 35% in Q2), whereas 56% expect asset values will improve one year from now (the same expectation of 56 % was reported last quarter).   Seventeen percent of survey participants stated that asset values are “much higher” than one year ago (up from 11% in Q2).   Six percent said values will be “much higher” one year from now (up from 3% last quarter).

The respondents also reported that the instability of capital markets remains a significant cause of unease, although conditions have improved marginally since the previous quarter.  One executive noted, “Our concern is that the pending loan maturities in the next three years continue to outpace the capacity of lenders to provide sufficient refinance capital.  Assuming that the recent ‘extend and pretend’ practices cannot continue indefinitely, does this suggest that we are in for another round of value decreases in the commercial real estate sector?”  Forty-two percent of respondents said debt capital is “somewhat better” today than one year ago (versus 38% last quarter), whereas 36% characterized debt availability as “much better” (compared to 27% in Q2).   On the equity side, 54% of participants said availability is “somewhat better” than one year ago (versus 50% last quarter), whereas 24% characterized debt availability today as “much better” than one year ago (compared to 26% in Q2).

Projecting availability one year from now, 62% of  participating executives said debt capital will be “somewhat better” (versus 69% last quarter), whereas 13% said debt availability will be “much better” (compared to 10% in Q2).  On the equity side, 50% said availability will be “somewhat better” one year from now (versus 52% last quarter), whereas 17% said availability will be “much better” one year from now (compared to 16% in Q2).  

A PDF of the entire Q3 Sentiment Survey Index is available online at www.rer.org.

NEW YORK  (Profitable.com)  Mortgage rates moved even lower this week, with the average conforming 30-year fixed mortgage rate hitting a record low of 4.66 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.42 discount and origination points.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/

The average 15-year fixed mortgage dropped to 4.11 percent, and the larger jumbo 30-year fixed rate remained at 5.43 percent. Adjustable rate mortgages were mixed, with the average 5-year ARM sliding to 3.95 percent and the average 1-year ARM remaining at 4.80 percent.  

Mortgage rates hit yet another record low as worries about weak economic growth just won’t go away. Recent speculation that the Federal Reserve may resume measures such as purchasing mortgage-backed bonds or government debt – perhaps as soon as next week’s FOMC meeting – helped bring rates lower. Whether or not the Fed pursues such a course likely hinges on the July jobs report to be released Aug. 6. Even without any action by the Fed, the next move in mortgage rates is also pegged to the employment report.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.66 percent, the monthly payment for the same size loan would be $1,032.47, a savings of $209 per month for a homeowner refinancing now.

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week’s move in mortgage rates, go to http://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. According to the majority of panelists mortgage rates will remain relatively the same, with 61 percent forecasting that mortgage rates will remain more or less unchanged. Just 28 percent expect mortgage rates to rise and a mere 2 percent predict mortgage rates will fall in the next week.  

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI

About Bankrate, Inc.

The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe CreditCardGuide.com and Bankaholic.  Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company’s flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), The Wall Street Journal and The New York Times (NYSE: NYT). Bankrate.com’s information is also distributed through more than 500 newspapers.  Bankrate, Inc. was acquired by Apax Partners, one of the world’s leading private equity investment groups, in September 2009.  Apax operates across the United States, Europe and Asia and has more than 30 years of investing experience. For more information on Apax, visit: www.Apax.com.