Los Angeles, California ? There is a breath of fresh air for the economy, The Federal Deposit Insurance Corp. has recently announced that commercial banks and savings institutions insured by the agency reported an aggregate profit of $35.3 billion during the first quarter of 2012, This is a $6.6 billion improvement compared with the first quarter of 2011. This is the 11th consecutive quarter that earnings have registered a year-over-year increase. The lower interest rates are helping those with net lease properties and apartments purchases or refinancing.
Banks and Commercial Mortgage Brokers are in Better Shape
The main banks are in increasingly better shape however bank lending hasn?t increased as consistently. The FDIC also reported that loan balances declined by $56.3 billion (0.8 percent) during the first quarter after three consecutive quarterly increases. If you are waiting on the sidelines for commercial real estate loans or refinancing, now is the time to get a mortgage.
Mortgage Rates Edge to New Record Lows
According to the latest Freddie Mac Primary Mortgage Market Survey, released on Thursday, 30-year mortgage rates have fallen to 3.78 percent, the lowest rate in 40 years. At this time last year, the 30-year rate averaged 4.6 percent. Loanrise.com can give you the lowest permanent fixed-rate commercial property loans for acquisitions. We can also get you low rates on the refinance of properties including: hotel, industrial, multifamily apartments, office, and of course retail net lease properties.
Commercial Mortgage Rates Reach 40-Year Low
At the same time, and hardly coincidentally, the Mortgage Bankers Association said on Thursday that its index measuring mortgage loan application volume for the week ending May 18 was up 3.8 percent compared with the previous week. The MBA?s Refinance Index increased 5.6 percent from the previous week.
Continuing negative developments in the sovereign debt crisis in Europe, particularly in Greece and Spain, as well as the recent French elections which helped push the US 10 Year Treasury yield below 1.7 percent recently. Commercial ?Mortgage rates again dipped to new record lows in recent studies which spurred more borrowers back into the refinance market.
Unemployment Claims Edge Down
The Bureau of Labor Statistics reported on Thursday that initial unemployment claims for the week ending May 19 were 370,000, a downtick of 2,000 from the previous week?s revised figure. The less volatile four-week moving average was also 370,000, but that represented a drop of 5,500 from the previous week.
Generally speaking, the four-week average is still relatively high for a period of recovery, even though the downward trend since the worst of the recession is clear. The last time the average was this high during economic recovery was during the late 1970s, a time remembered for post-recessionary malaise.
Commercial Lending, Stock Market and Facebook IPO
Wall Street gyrated a lot on Thursday, down most of the day, but ended mixed. The Dow Jones Industrial Average gained 33.6 points, or 0.27 percent, while the S&P 500 was up 0.14 percent. The Nasdaq lost 0.38 percent and many Investors are still talking about Facebook and the IPO.
Contact us for a new Commercial Mortgage Loan or for refinance rates on all Commercial Property.
We specialize in:
- CTL Financing (Credit Tenant Loans)
- Commercial lending
- FHA refinance
- Interest only mortgages
- Construction loans
- Mezzanine Loans
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