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The Gazette · springshouses.com
Saturday, Jan 17, 2015
SPOTLIGHT: COTTAGE HOMES AT MACKENZIE PLACE CONTINUED FROM PAGE 1
ready for an assisted living lifestyle. The Cottages are centrally located on the MacKenzie Place campus near E. Filmore Street and N. Union Boulevard. The increased quality of life presented by The Cottages allows homebuyers to appreciate true Colorado living without the hassle of shoveling snow. Instead, relax by the swimming pool, rejuvenate at the fitness center, meet up with friends in the clubhouse or restaurant, and enjoy the picturesque Nancy Lewis park right next door. Triton-built homes deliver the high
level of quality buyers are looking for along with careful planning, expert craftsmanship and exceptional attention to detail. Triton has a team of experts on-hand to convey unparalleled customer care to each homebuyer. Buyers are able to choose from a variety of home-plans for elegant living that can be tailored to create the home that suits your life and the way you want to live. Arlun Design Center conveniently assists buyers to choose the right finishes to make your home truly yours.
Starting under $300,000, all designs are intended for main-level living and each cottage has its own two-car garage. Along with ranch-style plans, loft plans are offered which provide main-level living with additional living space on the upper level. Triton offers the option of including an elevator during construction, or it can be retrofit down the road if it becomes needed. “All of our homes are built for main level living with no steps and they are handicap accessible with wide doors and hallways,” said Mark Brantley,
Sales Director at MacKenzie Place Cottage Homes. “The two-story loft option is great for someone who might have the grandkids stay over or maybe have live-in help.” All exterior maintenance is taken care of including snow removal, trash removal, and landscape services provided through the homeowners association. Cottage owners also become members at MacKenzie Place where an abundance of amenities await. The monthly membership includes services
such as the heated indoor salt-water pool, spa, Prime Fit Fitness Center with PrimeFit Programs, Custom Health and Wellness plans, Movie Theater, dining, and other extensive guest services. Construction at Cottage Homes at MacKenzie Place is almost completed. Along with a couple homes already built and ready for immediate move-in, only 19 lots are left for buyers to choose their perfect home. Stop by for information and a personal tour of MacKenzie Place and see why it makes sense for your life.
US mortgage rates hit new lows; not a lot more buyers biting BY MARCY GORDON THE ASSOCIATED PRESS
WASHINGTON — Average U.S. mortgage rates started the year by dipping to new lows, with the benchmark 30-year rate marking its lowest level since May 2013. The ongoing decline in mortgage rates would appear to be a boon for prospective homebuyers. But it hasn’t yet significantly enticed more buyers into the market. At the same time, there are fewer distressed properties and bargains coming onto the market that attract real estate investors. This week the nationwide average rate on the 30-year loan fell to 3.73 percent from 3.87 percent last week, mortgage giant Freddie Mac reported. The average for a 15-year mortgage, a popular choice for people who are refinancing, slid to 3.05 percent from 3.15 percent last week. A year ago, the 30-year mortgage stood at 4.51 percent and the 15-year mortgage at 3.56 percent. Mortgage rates have remained low even though the Federal Reserve in October ended its monthly bond purchases, which were meant to hold down long-term rates. The housing market has struggled to fully rebound since the recession ended more than five years ago. Many potential buyers lack the savings and strong credit history needed to afford a home, causing them to rent or remain in their existing houses instead of upgrading. Higher home prices and relatively stagnant incomes have also
AP Photo/John Raoux, File
curtailed buying. “The key issue for first-time buyers has not been mortgage rates,” said Jonathan Smoke, chief economist for realtor.com. It’s been concerns like not being able to qualify for a mortgage or to put together a down payment, he noted. Median household incomes have yet to completely recover and remain below their 2007 levels after adjusting for inflation. Limited income gains have cut into the cash flow and down payment savings needed to buy a home. Meanwhile, home prices have risen and lenders have kept standards tight for making mortgage loans. And experts see a trend toward
millennials putting off buying their first home. The hesitation can be glimpsed in the number of Americans signing contracts to buy homes. It rose only modestly in November, according to the National Association of Realtors. At the same time, the bulk of homeowners who could refinance appear to have already done so in recent years. With many home borrowers already carrying mortgages in the range of 3.5 percent to 4 percent, it may not be worth it for them to refinance at current rates. Refinancing carries its own costs and fees. The picture could improve, though,
as the effect of recent changes kicks in. Fannie Mae and Freddie Mac, which back the overwhelming majority of new mortgages, recently relaxed their standards for borrowers’ credit scores to qualify. And on Thursday, President Barack Obama announced a plan to reduce some mortgage insurance premiums, a move the White House says could save homeowners $900 a year and attract 250,000 first-time homebuyers. Under the plan, the Federal Housing Administration will reduce its annual insurance premiums for first-time buyers for mortgages it backs by 0.5 percentage point, to 0.85 percent. The changes, together with an
anticipated stronger economy and improved job market this year, are a “clear positive” for the housing market, realtor.com’s Smoke said The decline in mortgage rates also has come as bond yields have hit record low levels. Mortgage rates often follow the yield on the 10-year Treasury note, which has fallen below 2 percent. Bond yields rise as prices fall. Bond prices were an unexpected strong spot for the financial markets last year, reflecting concerns over global economic weakness. The 10-year note traded at 1.97 percent Wednesday, down from 2.17 percent a week earlier. It recovered to trade at 2 percent Thursday morning. To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount. The average fee for a 30-year mortgage was 0.6 point, unchanged from last week. The fee for a 15-year mortgage declined to 0.5 point from 0.6 point. The average rate on a five-year adjustable-rate mortgage fell to 2.98 percent from 3.01 percent. The fee was unchanged at 0.5 point. For a one-year ARM, the average rate slipped to 2.39 percent from 2.40 percent. The fee held at 0.4 point.