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12B THE PALM BEACH POST SATURDAY, MARCH 26, 1998 Mortgage Rates And Trends West Palm real estate trust made $1 million less in '97 In brief Palm Beach-Martin averages 8 50 I 1 I I 1 jiii. g.00 7.50 . S 7.00 iiS-ii. 5 6.50 fc 6.00 - , gr - ' '..r ' - 5 50 I 'III 1 1 I , ,. I I 123 130 26 213 220 227 il 313 3,iO 15 w fixed 30-vr fixed " l-vradiustableatw, term 1998 Palm Beach Post Staff and Wire Reports WEST PALM BEACH CV Reit's profit was $1 million less last year than in 1996, the real estate investment trust reported Friday. The company, whose chairman, H. Irwin Levy, developed the Century Village retirement communities, invests primarily in mortgages on Southeast Florida projects. Levy said deals for nine shopping centers, an office building and a real estate management and leasing company caused CV Reit (NYSE: CVI, $13.75) to place money in short-term, lower-yielding investments, "which adversely affected net income during 1997." Palm Beach County mortgage rates were up in the week. The average 30-year loan rate Increased from 7.19 percent to 7.21 percent and the 15-year loan rose from 6.87 percent to 6.89 percent. The one-year ARM increased from 6.09 to 6.13 percent. Nationally, mortgage rates were flat in Bank Rate Monitor's Wednesday survey of large institutions. The 30-year fixed rate stood at 7.01 percent. The 15-year fixed rate remained at 6.65 percent. The one-year adjustable rate dropped 0.06 percent to 5.69 percent. Market watchers predicted that rates would move up and down in coming weeks and this week is no exception. Long-term bonds such as the 10-year Treasury bond and the 30-year bond have been trading within a range for quite a few weeks, and that is expected to continue. Norwest Corporation economist Don Hilber noted this week that the low point was reached around mid-January, when bond yields dropped to 5.65 percent. "Bonds started creeping back up not long after (Federal Reserve Chairman) Alan Greenspan's deflation speech, and then they crept up to 6.05 percent about three weeks ago and since have come back down," Hilber said. Rates have been bouncing up and down since January, but the movements have been small, he added. "Right now, the lower rates are really helping to fuel the housing market," Hilber said. "The initial drop in January really spurred the refinance market, but what's happened since then is that rates stopped moving in any discernable direction. And that has greatly improved the home resale and new home market." The advent of spring usually kicks off increased activity in the housing market, and this year, existing home sales figures released for February were exceptionally strong. "Home sales are skyrocketing, and with It, demand for mortgages is increasing," Hilber said. While that increase and display of strong domestic growth could re-ignite inflationary concerns, Hilber said that right now, that does not appear to be happening. Last week's reports of increased trade deficits did little to budge rates or bond prices either, he noted. "I just don't think the markets are concerned about the strength of the domestic economy right now," he said. "Instead, the reaction is favorable and rates are remaining within a narrow range." The monthly principal and interest on a $100,000 30-year fixed rate continues to stand at $665, down from $671 two weeks ago. Total interest paid over 10 years, the typical life of a mortgage, dropped $807 two weeks ago. The Bank Rate Monitor National Index is based on a Wednesday survey of the 50 largest banks and the 50 largest thrifts in the 10 largest metropolitan areas in the country. These are averages. To find specific rates offered by lenders, go to the mortgage rate search engine. look at the proposal on April 14. Firms can get tax credits for donations July 1 WEST PALM BEACH. 4-Businesses can get up to $200,00( in tax credits while helping poo communities under a new stati program beginning July 1. The Community Contribution Tax Credit Program will credi Florida businesses for 50 perceri; of donations in goods, cash oi property to qualified projects 'it Palm Beach County's enterprise zones. The zones are in Riviere Beach, West Palm Beach, Belji Glade and South Bay. Private aiji public nonprofit organizations' in the zones must contact the county's economic development office now to register their projects, said program coordinator Pam Nolan, who will prepare a project list by June. . - C Businesses can apply their credits to the state's corporate, iii: come tax, franchise tax or insurance premium tax. , ", t; Bank Atlantic expands' !' ATM deal with Wal-Mart;; FORT LAUDERDALE f. BankAtlantic (NYSE: BBX; $13.69) (Nasdaq: BANC, $14.50) has expanded its deal with Wal-Mart Stores to put 128 more aut'o-: mated teller machines in Wal-Mart; and Sam's Club stores in Georgia; and Alabama. ' .( BankAtlantic already has' 138' ATMs in Florida stores. The deal marks BankAtlan tic's first banking service venture outside of Florida'. . Sixty-nine ATMs go to Georgia stores and 59 to Alabama. The hew: ATMs will increase BankAtlantic'$ total network to 393 machines in Florida, Georgia and Alabama-from 265 in Florida. CV Reit 1997 Revenue: $13,315,000 Net Income: $8,515,000 1996 Revenue: $12,752,000 Net Income: $9,570,000 What Banks and Thrifts Charge complaints. ' The investigation began in 1993 after customers complained about Barnett Investments' sales practices, according to the Florida Comptroller's Office. The money earmarked for investor education goes to the Florida Council on Economic Education for its statewide Florida Investor Education program. The program teaches high school students how the securities industry works and how to invest wisely. CarrAmerica seeks zoning change for Boca project BOCA RATON CarrAmerica Development Inc., the Florida subsidiary of CarrAmerica Realty of Washington, D.C., has asked Boca Raton for a zoning change for its proposed 70-acre Peninsula Corporate Center, according to city records. The barren acreage, near the Congress Avenue ramp to Interstate 95, formerly was owned by developer William L. Knight. Carr now has a development of regional impact order allowing 927,000 square feet of office space and 118,500 square feet of research and development space. James Kahn, attorney for CarrAmerica, is asking that the zoning be changed to commercial from manufacturing to allow Carr to replace 151,500 square feet of office space and all of the R&D space with four restaurants totalling 30,000 square feet. The restaurants would border a proposed gas station that Knight would own and two proposed hotels with 250 rooms. The city council will get its first tional closing costs, such as an appraisal and title search. Rates are based on a $125,000 loan amount with a 20 percent down payment. Rates cover singie family, owner-occupied homes up to the Federal National Mortgogt Association limit of $227,150, but may vary by branch location. Phone numbeis were provided by the lenders, and theie may be a toll for the call. Here are rates Palm Beach and Martin county banks and thrifts were charging for 15-year fixed-rate, 30-year fixed-rate and one-year adjustable-rate mortgages (ARMs) on March 27. In almost all cases, rate is based on a lock-in period of 30-60 days. On a one-year ARM, the rate is subject to change annually based on index fluctuations. Borrower should review how the rate is calculated and inquire about addi Barnett to fund classes as part of probe resolution TALLAHASSEE Barnett Investments will contribute $75,000 for investor education as part of an agreement that resolves an investigation by the Florida Department of Banking and Finance into questionable securities sales practices. The agreement, which is with Barnett's new owner, NationsBank (NYSE: NB, $72.06), also calls for Barnett to pay $75,000 for the state's investigation. Barnett agreed to establish a dispute resolution process to handle customer 15-YR. FIXED 30-YR. FIXED ONE-YEAR ADJUSTABLE BANKS INDEXED CAPS INDEX LENDER PHONE RATE PTS. RATE PTS. RATE RATE PTS. YR.UFE MABOIN Admiralty Bank 561 624 4701 7.13 0.00 7.38 0.00 6.50 8.24 0.00 2 it, 6 At-2.88 Barnett Bank 800-833-5363 675 Too 713" 0.75 5.75 8.24 1.13 26 A2 68 Chase Manhattan Mortgage Corp. 800-888-3844 6.25 3.25 6.63 3.50 4.88 8.11 2.63 2ifc6 A2.75. Colonial Bank 561-683-1600 700 OOO 7.38 0.00 6.63 B.24 1.00 26 A2.68 Enterprise Natl Bank 561-776-6525 675 100 72! EoO 6.50 8.11 1.00 26 A2.75 First Natl B&TTreasure Coast 561-221-2555 6.88 0.00 725 OOO 5.75 8.11 0.00 76 A2.75 First Southern Bank 561-361-3484 700 OOO 7 2! 0.00 5.88 8.11 1.00 26 A2 75 First Union National Bank 800-798-0032 7.25 0.00 7.50 0.13 6.88 8.11 0.00 26 A2.75 First United Bk 561-286-9703 700 OOO 7.25 0.00 6.25 8.11 0.00 2 6 A2.75 NBD Bank 561-624-4728 700 000 7.40 0.00 730 fTl! OOO 26 A2 75 NationsBank 561-689-5550 663 Too 7.00 1.00 575 811 OOO 26 A2 75 Northern Trust Bank 561-622-4600 725 LOO 763 TOO 563 Til 100 26 A-2.75 Palm Beach National Bank 561-776 2400 7,00 0.00 7.25 0.00 6.38 8.11 0.00 26 A2.75 Regent Bank 561-471-7664 7.13 0.00 7.25 0.00 688 8.24 1.00 2 6 A2.88 Republic Security Bk 561 863-2543 7T3 OOO 725 OOO 625 FIT 100 26 A2.75 SouthTrust Bank 561-495-4000 700 OOO 713 0.00 6J5 8.11 cTo6 2 6 A2.75 SunTrust Bank.So F.onda 561-838-5178 "50 ZOO 72! OOO 625 824 OOO 2V6 A2.88 SunTrust Bank, Treasure Coast 561-4E7-G239 7.13 0.00 7.38 0.00 6.00 8 24 0.00 26 Transflorida Bank 561-347-0007 7,00 0.00 7.25 0.00 7.25 8.24 0.00 2M A2 88 Boca's RailAmerica reports profits leap . RailAmerica Quarter ended Dec. 31 1997 1996 Revenue $14 million $6.6 million Net income $682,571 ($61,403) . ' Earnings (loss) per share 8 cents (1 cent) , Average no. shares 6.8 million 5.8 million Year ended Dec.31 1997 1996 Revenue $47.4 million $25.7 million , j . Net income $1.9 million $504,879 ' Earnings per share 23 cents 10 cents ' Average no. shares 8.3 million 5 million BOCA RATON RailAmeri-ca's revenue for the fourth quarter reached $14 million, a 112 percent increase over the same quarter in 1996. Operating income more than doubled to $2.9 million. Net income, after a loss from the discontinued motor carrier division, was $682,571, compared with a loss in '96. Boca Raton-based RailAmerica is an international transportation holding company that specializes in short line railroads. Its stock (Nasdaq: RAIL) closed at $7.13 Friday, up 72 cents a share. 15-YR. FIXED 30-YR. FIXED ONE-YEAR ADJUS1A8LI THRIFTS INDEXED CAPS INDEX LENDER PHONE RATE PTS. RATE PTS, RATE RATE PTS. YDLIFE MARGIN AmTrust Bank 888-268-7878 5.88 3.00 6.25 3.38 5,25 8.11 1.63 26 A2.75 Bank United 561-495 5020 7.00 0.00 7.25 0.00 0.00 0.00 0.00 " BankAtlantic 800-336-2666 7.00 0.00 7.25 0.00 6 38 8.24 O00 26 ATSe Bankers Savings Bank 800-275-6847 7.25 0.00 750 0.00 625 8.11 66b 26 A2 75 California Federal Bank 800-THE-BANK 6.75 0.70 7.13 0.27 575 811l).bi 26 "a2.75 CitiQank (Florida! 800-876-1944" 675 100 : 700 Tl7 563 sTf Ill 2V6" A275 Comenca B & T 800-453 8389 6.88 1.00 7.13 100 6.13 8 Tl" 7.00 2v6 A275" Community Savings 561-881-4952 6 88 0.00 7.25 0.00 5 88 8 24 0 00 2,'6 "A2.88it Crown Bank 561-641-4639" 6H OOO T25 OOO 588 TTI OOO 26 "X2 75 Fidelity Federal Savings Bank Of FL 561-803-9890 7.00 0.00 738 0.00 6X10 iTI U,6o" " 2m6" A275s" First Bank Of Florida 561-655-8511 6"90 0.00 725 0.00 OOO 000 000 ' ' Great Western Bank 800-492-7587 6 50 2.00 6.88 2.00 6.00 811 fob 2 V6 A-t 2 J5 Harbor Federal Savings A loan 561-221-7575 6.P8 1.00 7.25 1.00 5.63 8 11 100 2M5 ATt5 Mackinac Savings Bank 800-829 9259 7.00 Q.o"o 72! OOO" 675 824 000 2 6 ""XiYs Savings of America 800-975-5051 6.60 1.50 695 150 613 sTl 100 2A6 12 JsH SouthBank 561-627-7100 7.00 0.00 7.25 0.00 113 811 1.00 26 " Tp215k Sterling Bank 561968-1000 7.00 0 00 7.38 0 00 6,00 8.11 0 0b 26k2 75 World Savings Bank 561-746-3420 7.00 1.50 7.35 1.50 0.00 0.00 0.00 PB Martin County kmf (Tm 721 "FI5 """' SRM National Avtragt iM 701 19 Roasters restaurants claim bankruptcy What Some Other Lenders Charge Following are rates offered by a sampling of some mort to have their mortgage rates considered for publication shuuid write to Bank Rate Monitor. P.O. Box 0bao&8, Njiili Pali:-, Beach, FL 33408. gage companies in Palm Beach and Martin counties on March 27. The listing will change week by week. Companies wanting its Fort Lauderdale headquarters. No one was available for comment at the headquarters Friday. In the statement, Roasters Corp. blamed its i troubles on past management. "Previous manage ment's business and financial decisions hampered efforts to achieve our goals," it said. , f The chain began in 1991 when John Y. Brown r.,f the former Kentucky governor who is credited witli ' building up Kentucky Fried Chicken, announced an . agreement with Kenny Rogers to use the countrff-. singer's name for the restaurants. Brown is no longer." with the company. Rogers was quoted in the company's statement as saying he is not involved in the daily operations, but has confidence in management. : r By Brendan Farrington The Associated Press MIAMI Kenny Rogers Roasters' parent company, which has seen the chain lose 200 restaurants during the past four years, Friday sought bankruptcy court protection from its creditors. Roasters Corp. said in a statement the franchise would remain open while reorganizing its finances. The chain specializing in roasted chicken was flying high only four years ago with 300 stores, including 56 company-owned restaurants. But over a six-month period, all but seven of the company-owned stores closed and the number of North American franchises dipped to 100, according to company figures last month. The company also laid off half its 30 employees at 15-YR. FTXD 30-YR. FIXED ONE-YEAR AOJUSIAaU INDEXED CAP mot LENDER PHONE RATE PTS. RATE PTS. RATE RATE PTS. YW.UFI MARfclN Cnase D'versi'ied M-g Corp 561-338 1731 6 50 1 00 6 88 1.00 6.50 8 11 100 2, 6 A-i.oi Fiof.oa Res.dent.ai M-g Corp 561 963-5626 663 100 6.88 100 563 8 24 0 00 2 6 t'Jtsa GMAC Mo'-gage 561-687-9466 as! 000 725 OOO elb SiT OOO 26. iV275 Mofe Fouty Sna-ng Co 561 219080' 6 63 0 00 6 88 0.00 " 5 50 6 24 0 00 2fe-ii A'lz88t Howen Mo-gage Co 600 341 4441 6.75 0.00 7 13 000 5.75 8 11 0 00 26 I'2I3 Mend-nna.i Mortgage Co 561-219 3700 700 OOO 72! OOO 575 bTl 0 00 2 "6 A2 ?5i PNC Mo"gage Corp 561688 9433 . 6 63 1.75 7,00 188 525 811 Tuo 276 " ' T2 75T R.ers:0e Na' orai Ban 561-966-2668 68l 000 73& 0 00 550 6 IT" 0 UO 27i" A2 75 Sun C-v Mo-gage Co'O 561 416-499 6 88 0 00 7 13 0 00 5 63 oil 0 00 2i6 A-2.75 U S Ho"-e Loans 668 438 6716 6 63 0 00 7 00 0 00 5 50 8 24 1 50 2v 6 V2 88 Academic fare was just too tame after a taste of Intel culture Mortgage Shopping Key Definitions Grove, and he solidified this position in May when he was appointed the company's president. , ' " INTEL From 6B lather than giant steps, and that is One-year adjustable: Mortae whube annai .die changes yearly. The rate is usually biitd on movemei ts of a published inde plus a specififed md.-gm, choser by (he lender. Lock: Lender's guarantee that the norlgdfee rat oioa will be good for a specific r.un btr of oays fion, a y of Barrett was born in San Fraif-., cisco and earned an array of de,' grees in materials science troni , Stanford University. He joined tht ! '. school's faculty as an assiM-i;ni- professor at age 25. and friends,;: presumed his quietly intense pelV,:. When applying for a mortgage, here are some of the key questions you should ask the lender: What will my monthly payments be. including taxes and mor'gage insurance? Can I -buy down" the rate to a lower figure by paying more points? What will all my closmg costs total, and which items do I have a choice of waiving? Is this mortgage assumable. and under what condi tions? At what date will the rate be locked in? Is private mortgage irsurance necessary' If so. at what point will I no longer be required to carry it? What is the minimum down payment required7 Are there any prepayment peraltes on this mortgage? If you are applying for an adjustable rate mortgage, you should also ask these questions: In a worst case scenario, wtiat would be the maximum payment on this loan? Can the mortgage rate be converted to a fued one at some point in time? If so. what would be the cost and rate? Is the first year rate discounted? What is the fully inoeed rate and monthly payment, based on your irae and marBm? Does this adjustab'e-ra'e morgage aie negative amortization, that is. could the outyarcrg ba'ace nse even as I am making regular paymc's' application. Index: A floating indei lenders use to cjicuiatt ihb ait on a one year adjustable-rate mortgage The .'nosi to r.uiur, indenes are the one year Treasury Cor start Maturity i.cic and the FHLB 11th District Cost of funds. Caps: The maximum amount the n!o ;&gs ta.t surcharge annually or over the life of the lean on a o, i ,ta adjustable. For example, if the dps aie 1 an-uat tm tin life of loan, a mortgage whose first year rate Is 10X couiu r'.st to no more than 12 the second year and lb over me r.i e loan term. Margin: The number of percentage points suoed to iiie index on a one year adjustable. For example, if the ndtx raie is 9 1 and the margin is 3. then the fully indexed rata is 12 . Pomts: A percentage of the loan amount, paid at clusirg Each point is one hundredth of the loan amount Indexed rate: The sum of the published index pius tht margin. For example, if the moex were 9 and th margin 2 75. then the indexed rate would be 11 75 Otter , tcrtien charge less than the indexed rate the fust eai c an aajustab'e-rate mortgage. Adjustable Indexes The ircexes to which rates on adjustable rd'e 'r r -s are tied c-arge oenooicaiiy. Following is a histc , of fo-r rj -e most-common indexes: MTU IM ON ADJUSTABLE INOfJUS egalitarian world. Top managers from Grove on down inhabit cubicles, not offices; there are no executive dining rooms, reserved parking spaces or other such perks. Workaholism is Intel's can-you-top-this sport, and Barrett excelled at the game. He often is awake by 4 a.m. and works well into the night. An avid outdoorsman. Barrett shares his time between Silicon Valley and homes in Arizona and Montana. Lottie Coor, president of Arizona State University and a frequent hiking partner of Barrett's, described a 22-mile hike they recently took in northern Arizona. Barrett flew in from a business trip in Osaka, Japan, and met a small hiking group near the Utah border at 3.3o a.m. The trek lasted until midnight. A few hours later. Barrett jetted off to another business engagement. "Craig only knows one way, and that's right straight up the mountain," said Coor. who met Barrett through his wife, attorney Barbara Barrett, a onetime Arizona gubernatorial candidate. "In all the tme I've known him, I've never seen him f.ag." When Barrett b-came chief operating officer in V.f.i".. he was seen as a l.kflv successor to what Intel needs right now, said Stephen Dube, a technology ana-ly st at Wasserstein Perella Securities Inc. "Besides, Andy and (co-founder) Gordon (Moore) are still aiound, so there are still enough visionaries at Intel." Barrett is not expected to change Intel's direction dramatically. The core business in five years isn't going to be much different than it is today: microprocessors." Barrett said in an interview last month. While he said Intel will continue to dabble in complementary' businesses software, support functions and services he does not expect the company to stray far from its core competencies, "7iy leave something that is growing at 18 percent a year?" he said. Like Grove. Barrett is known as a tough taskmaster, prone to quizzing low-level employees on the arcana of their jobs and admonishing plant managers over scraps of trash on the floor. One industry insider describes Barrett as an "Intel prototy pe," a man who flourished in thf company's hard-driving, combative and sonaiity would suit him in an academic life. But Barrett was intrigued by-chips, the brains of computers, and took a job at Intel in 1974. It.wa just down Highway 101 from Palo Alto, but a world removed from h serene paces of academia. Barrett fit awkwardly at first, Calling his new work environment "crazy." he left Intel shortly after he was hired and boomeranged back to Palo Alto. Soon, though, he realized he was mistaken and returned to the company as a tevh-nology development manager. ' ' ' From there. Barrett's career rocketed steadily over the next tw d decades, mirroring Intel's own rise to chip dominance. He reportedly had numerous offers to be chiel executive at other companies, but never seriously considered Waving Intel. "When y ou reach that level al Intel, it's pretty hard to pull them out," executie recruiter Sit rt said. Payment Calculator h" sopo i"g 30-va' n-ogages. you ca" es' -a'e voc r-ontWy Dayr"e"t usir-g fe 'c''0 ' ' g j'es. T-, s"-o -a! yo Dfinc'oa-a"fl.r?e'est Da"fso, aseorea-i- $ 1 OOOoofo?;! 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