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Survey Finds Banking Experience is Improving, But Consumers Are Missing Easy Savings Opportunities

Despite having a checking account, 22 percent of Americans report using alternative banking products like cash checking services

CHERRY HILL, N.J., Sept. 25, 2014, TD Bank, America’s Most Convenient Bank®, today released its second annual TD Bank Checking Experience Index, which found that the banking experience of Americans has improved year over year. According to the Index, 86 percent of consumers rate their day-to-day experience with their checking account as excellent or very good (compared to 83 percent in 2013) and 85 percent of consumers say their bank is excellent or very good when it comes to accessibility (compared to 83 percent in 2013). The TD Bank Checking Experience Index is a nationwide survey of more than 1,500 consumers with checking accounts at various financial institutions.

Although consumers are generally happy with the services provided by their banks, 22 percent of survey respondents with a bank account say that over the last three months they have used alternative banking products such as check cashing services (12 percent), money transfer agents (11 percent) and payday loans (4 percent). When bank customers were asked why they used alternative banking products, 16 percent said they did not have a particular reason for using non-bank financial services.

“One in five consumers with a bank account are using alternative banking products, which could add needless cost to their monthly budget,” said Ryan Bailey, Executive Vice President, Head of Retail Deposit and Payment Products, TD Bank. “Consumers who are using these types of services should have a conversation with a banker to learn about less expensive financial products that can meet their everyday financial needs.”

Banking Behaviors Continue to Evolve Debit cards and online banking play central roles in the banking behaviors of today’s consumers. A large percentage of those surveyed reported that their experiences with debit cards and online banking are excellent or very good (92 percent and 91 percent, respectively). Of the 23 banking transactions that checking account holders report making each month, on average, 10 are debit card purchases and six are conducted through online banking.

Across all survey respondents, 60 percent of checking account owners said their debit card is an essential service. An even larger number of Millennials (74 percent) can’t imagine not having a debit card. When it comes to online baking, 51 percent of consumers cite it as their preferred channel to conduct checking account transactions.

While services like debit cards and online banking are both vital, the Index found that a personal connection remains important to consumers. When asked about the last time they had a question or concern regarding their checking account, the majority of respondents still rely on a telephone call or a visit to a bank location to have questions answered. However, behaviors are evolving. Telephone outreach for issue resolution grew almost 9 percent over the past year (34 percent in 2013 vs. 37 percent in 2014) and in-person resolution at a bank location declined by 15 percent (40 percent in 2013 vs. 34 percent in 2014).

Triggers for Switching Banks Include Life Events and Fees The TD Index data also reveals that fees and life events remain major triggers for changing banks. More than one third (38 percent) say they would close their primary checking account or consider leaving their bank because of fees. However, only eight percent of respondents had closed or switched their primary checking account in the past two years, down from 12 percent in the 2013. Of the eight percent of respondents who reported closing or switching checking accounts in the past two years, the main reason for doing so was a life event such as moving (29 percent), followed by bank fees (27 percent).

Advice for Consumers Based on the results of the Index, Bailey offered advice to help consumers improve their banking experience while getting the most out of their checking accounts:

  • With 60 percent of Americans saying they can’t imagine not having a debit card, consumers should have a plan of action if their card is misplaced or stolen. They should check to see if their bank offers on-the-spot debit card replacement and access to 24/7 customer service.
  • Only 13 percent of Americans are using reloadable prepaid cards. This relatively new product category offers many of the benefits of a checking account, such as the ability to receive a paycheck through direct deposit and to make purchases online, and can serve as an introduction to banking for the population that currently depends on alternative financial service providers.
  • Nearly two thirds (62 percent) of Americans say their bank is offering products and services that take advantage of new technologies like mobile apps and mobile deposit. That means that 38 percent of account holders may not be enjoying the conveniences that modern banks are providing. Consumers who want access to the latest banking technologies may want to consider trying a bank that offers their customers the ability to manage their finances in more ways.

Survey Methodology The study was conducted among a nationally representative group of consumers from August 25 through September 1, 2014. The sample size of 1,510 consumers has a margin of error of +/- 2.5 percent. The survey was hosted by global research company Angus Reid Public Opinion.

About Angus Reid Public Opinion Angus Reid Public Opinion is the Public Affairs practice of Vision Critical—a global research company. Vision Critical is a leader in the use of the Internet and rich media technology to collect high-quality, in-depth insights for a wide array of clients.

About TD Bank, America’s Most Convenient Bank TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 8 million customers with a full range of retail, small business and commercial banking products and services at approximately 1,300 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.

TD Bank, America’s Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol “TD”. To learn more, visit www.td.com.

SOURCE:

http://www.td.com

 

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Bankrate: Mortgage Rates Slightly Higher Following Strong Jobs Report

NEW YORK, July 10, 2014, Mortgage rates moved higher following a stronger than expected jobs report, with the benchmark 30-year fixed mortgage rate rising to 4.31 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 rate inched higher to 3.41 percent, while the larger jumbo 30-year fixed mortgage rate increased to 4.33 percent. Adjustable rate mortgages were mixed, with the 5-year ARM holding steady at 3.33 percent and the 10-year ARM climbing to 3.88 percent.

So why did a blockbuster jobs report have such a muted impact on mortgage rates? In large part the flood of cheap money from central banks around the globe is keeping a lid on rates, even in the face of the type of economic news that historically has pushed rates higher in a more pronounced way. Many investors around the globe are parking this cheap cash in the safety of U.S. Treasury securities, at yields that are favorable to what can be found elsewhere around the globe. Mortgage rates are closely related to yields on long-term government debt.

As 2013 came to a close, the average 30-year fixed mortgage rate was 4.69 percent. At that time, a $200,000 loan would have carried a monthly payment of $1,036.07. After drifting lower throughout the first half of 2014, the average rate is now 4.31 percent, and the monthly payment for the same size loan would be $990.92, a savings of $45 per month for anyone that waited.

SURVEY RESULTS

30-year fixed: 4.31% — up from 4.28% last week (avg. points: 0.33)

15-year fixed: 3.41% — up from 3.40% last week (avg. points: 0.19)

5/1 ARM: 3.33% — unchanged from last week (avg. points: 0.21)

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. According to the panelists, don’t expect any sharp pullback in mortgage rates. The majority – 80 percent – expect mortgage rates to remain more or less unchanged over the coming week, while the remaining 20 percent predict mortgage rates will rise. Interestingly, none of the respondents predicts a decrease in mortgage rates over the next seven days.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/news/rate-trends/mortgage.aspx

To download the Bankrate Mortgage Calculator & Mortgage Rates iPhone App 2.0 go to https://itunes.apple.com/us/app/bankrate-mortgage-calculator/id551454062?mt=8.

About Bankrate, Inc.

Bankrate (NYSE: RATE) is a leading publisher, aggregator, and distributor of personal finance content on the Internet. Bankrate provides consumers with proprietary, fully researched, comprehensive, independent and objective personal finance editorial content across multiple vertical categories including mortgages, deposits, insurance, credit cards, and other categories, such as retirement, automobile loans, and taxes. The Bankrate network includes Bankrate.com, our flagship website, and other owned and operated personal finance websites, including CreditCards.com, Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, InsuranceQuotes.com, CarInsuranceQuotes.com, InsureMe.com, and NetQuote.com. Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of nearly 600 local markets in all 50 U.S. states, Bankrate generates over 172,000 distinct rate tables capturing on average over three million pieces of information daily. Bankrate develops and provides web services to over 80 co-branded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the Internet such as Yahoo!, CNN Money, CNBC, and Comcast. In addition, Bankrate licenses editorial content to over 500 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times, The Los Angeles Times, and The Boston Globe.

For more information contact:

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

SOURCE:

Bankrate, Inc.

http://www.bankrate.com

 

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California Hard Money Lenders — An Alternative Source of Financing

SAN FRANCISCO, Aug. 1, 2013, The real estate market is hot, very hot, and both investors and consumers are in need of financing to take advantage of the real estate market.  An increasing number of individuals and companies are turning to hard money lenders, such as All California Lending, for financing their California property acquisitions.  This is especially true when the property is in need of repair.  Purchasing properties in need of repair is becoming more common as the inventory available on the market continues to stay tight.  As hard money loan specialists, this company is able to assist in the financing of real estate even in cases where the banks have declined the buyer a loan due to needed rehab or repairs on the property.

The loans offered for properties in need of rehab are truly unique in today’s market.  While these loans are not long-term solutions, they do include funding for acquisition, rehab and even interest payments.  With new guidelines these loans can fund up to 65% or more of the estimated after repair value, commonly referred to as ARV.  With loan terms ranging from six months up to two years, the structure is flexible enough to accommodate not only light rehab projects but also construction completion and major rehab projects on residential, commercial and multi-unit property.

One area of particular interest is Los Angeles and surrounding areas.  Hard money lenders in Los Angeles often times are making loans based on the purchase price.  With the programs All California Lending offers, however, more aggressive lending is realistic.  For investors who are looking to leverage their existing cash, these aggressive loans based on an estimated sales price at completion allows for the additional leverage they need.

In addition to the Los Angeles market, All California Lending can help provide financing for rehab loans in most other markets of California.  From San Diego all the way North to Sacramento and the North Coast, as long as the property is located in California there is likely an alternative financing option available.

With the California real estate market so hot right now, hard money lending offers many benefits.  These benefits include faster closing times than conventional loans, flexible underwriting requirements, aggressive loan amounts and creative solutions that bank lending simply cannot compete with.  While the cost is more for these types of loans, they make sense for many investors in the market today.

Chris Goulart is a seasoned professional and only works with California hard money loans.  He specializes in structuring alternative financing for real estate investors and has years of experience.  He is fully licensed both at the state and at the national level through the Department of Real Estate and the Nationwide Mortgage Licensing System.

Acalending.com

Media Contact: Chris Goulart, All California Lending, 877 462 3422, cgoulart@acalending.com

SOURCE:

All California Lending
http://www.acalending.com

 

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118 Experts Predict Annual Home Value Growth To Exceed Pre-Bubble Rates Over Next Five Years

Survey Benchmark Changes; Path of U.S. Zillow Home Value Index Predicted to Show Cumulative 22 Percent Increase Through 2017

SEATTLE, March 18, 2013, A nationwide panel of more than 100 professional forecasters expects home values to end 2013 up an average of 4.6 percent and rise cumulatively by 22 percent, on average, over the next five years, according to the first quarter Zillow® Home Price Expectations Survey. Additionally, a majority of panelists indicated support for policies that would allow certain underwater homeowners to refinance at today’s low rates.

The survey of 118 economists, real estate experts and investment and market strategists was sponsored by leading real estate information marketplace Zillow, Inc. (NASDAQ: Z) and conducted by Pulsenomics LLC. This is the first survey edition that utilized the U.S. Zillow Home Value Index (ZHVI)[i] as the reference benchmark for the panel’s home price expectations[ii].

Survey respondents predicted home values will rise another 4.2 percent on average in 2014, before moderating somewhat to annual appreciation rates between 3.6 percent and 3.8 percent for 2015, 2016 and 2017. On average, panelists predicted home values to rise 4.1 percent annually from 2013 through 2017, exceeding the pre-housing bubble (1987-1999) average annual appreciation rate of 3.6 percent. This is the first time the predicted average annual growth rate for the next five years has surpassed pre-bubble levels since the survey’s inception three years ago.

“The panel is quite bullish on home prices near-term, considering a pre-bubble average appreciation rate of 3.6 percent per year,” said Zillow Chief Economist Dr. Stan Humphries. “That said, their expectations are a bit shy of the home value gains of 5.5 percent that we saw in 2012, implying some moderation in the pace of gains. The panel expectations are consistent with continued strong home value growth this year fueled by tighter-than-normal inventory of for-sale homes and robust demand attributable to high affordability and a stronger general economy.”

The most optimistic quartile[iii] of panelists predicted a 6.1 percent increase in home values in 2013, on average, while the most pessimistic[iv] predicted an average increase of 3 percent. Through 2017, panelists predicted cumulative home value changes of 22 percent, on average. Expectations for cumulative home value change projections ranged from 34.2 percent among the most optimistic quartile to 11.7 percent among the most pessimistic, on average.

GSE Wind-Down Period and Refinance Options For Underwater Borrowers

The first quarter 2013 Zillow Home Price Expectations Survey asked the panel to indicate their view of a reasonable timeframe for “winding-down” government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac; and to weigh in on the debate over the merits of providing new refinancing options to underwater homeowners who are current on their mortgage payments.

The majority of panelists (59 percent) indicated that a reasonable and appropriate timeframe for winding-down the GSEs is within the next five years. On the opposite ends of the spectrum, 13 percent suggested a timeframe within the next two years, and 10 percent said they believe a period of more than 10 years is sensible.

Existing proposals that would facilitate refinancing of certain underwater borrowers include the Responsible Homeowner Refinancing Act of 2012, sponsored by Sens. Barbara Boxer (D-Calif.) and Robert Menendez (D-N.J.), and the Rebuilding Equity Act sponsored by Sen. Jeff Merkley (D-Ore.). The majority of respondents said they supported these types of policy initiatives.

“More than four of every five supporters of these refinancing proposals said they believe that borrowers who have demonstrated an ability to make their payments in recent years would pose little or no incremental risk to taxpayers if they refinanced. Two-thirds of supporters said they believe that the lower monthly payments would create a significant stimulus for the economy,” said Terry Loebs , founder of Pulsenomics LLC. “But the 41 percent of panel respondents who do not support these plans also hold strong views. More than two-thirds of them said they believe that rewriting loan contracts is bad policy in general, and that lowered monthly payments for borrowers ultimately translate into taxpayer and investor losses.”

Additional details regarding this portion of the survey are available at www.pulsenomics.com.

This is the 17th edition of the Home Price Expectations Survey. It was conducted from Feb. 22, 2013 through March 7, 2013 by Pulsenomics LLC on behalf of Zillow, Inc.

For full survey results and graphics, please visit Zillow Real Estate Research or www.pulsenomics.com.

About Zillow:
Zillow, Inc. (NASDAQ: Z) operates the largest home-related marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow’s Chief Economist Dr. Stan Humphries. Dr. Humphries and his team of economists and data analysts produce extensive housing data and research covering more than 350 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. The Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgage Marketplace, Zillow Rentals, Zillow Digs™, Postlets®, Diverse Solutions®, Buyfolio™, Mortech™ and HotPads™. The company is headquartered in Seattle.

Zillow.com, Zillow, Zestimate, Postlets and Diverse Solutions are registered trademarks of Zillow, Inc. Buyfolio, Mortech, HotPads and Digs are trademarks of Zillow, Inc.

About Pulsenomics:
Pulsenomics LLC is an independent research and consulting firm that specializes in data analytics, new product and index development for institutional clients in the financial and real estate arenas. Pulsenomics also designs and manages expert surveys and consumer polls to identify trends and expectations that are relevant to effective business management and monitoring economic health.

[i] The Zillow Home Value Index is the median Zestimate® valuation for a given geographic area on a given day and includes the value of all single-family residences, condominiums and cooperatives, regardless of whether they sold within a given period. It is expressed in dollars, and seasonally adjusted.
[ii] Previously, the survey benchmark was the S&P/Case-Shiller U.S. National Home Price Index (single-family properties, not seasonally-adjusted). For a summary comparison of the survey benchmarks prepared by Pulsenomics, please click here.
[iii] Based on the 25 percent most optimistic panelists in terms of cumulative home price change through 2017.
[iv] Based on the 25 percent most pessimistic panelists in terms of cumulative home price change through 2017.

SOURCE:

Zillow, Inc.

 

 

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KPMG Survey: Mergers And Acquisitions Projected To Be On The Rise In 2013

Survey Results Show Expected Focus on Middle-market Deals in 2013

NEW YORK, Jan. 22, 2013, Merger and acquisition (M&A) activity is expected to increase in 2013, according to a survey conducted by KPMG LLP, the U.S. audit, tax and advisory firm, and the Research practice unit of SourceMedia, the publisher of Mergers & Acquisitions. The survey of more than 300 M&A professionals in the U.S. found that 76 percent of respondents anticipate that their company will make at least one acquisition in 2013.

According to 60 percent of the M&A professionals, companies’ large cash reserves will drive deal activity and 40 percent acknowledged favorable credit terms as a supporting factor. Opportunities in emerging markets will also be a catalyst for deals, said 26 percent of respondents. Primary reasons for making acquisitions varied among the survey population, with 20 percent of respondents reporting that expanding geographic reach would be their primary motivator, while 19 percent cited a quest for profitable operations, followed by 17 percent who anticipated making acquisitions in order to enter a new line of business.

“Although there is still plenty of uncertainty in the markets, we will likely see M&A activity pick up as the year progresses,” said Dan Tiemann , Americas lead for KPMG’s Transactions & Restructuring practice. “Financing conditions continue to be positive. Many companies are holding large amounts of cash and the U.S. debt markets remain open.” Tiemann also added, “As part of efforts to pursue their growth agendas, companies will look to execute transactions that align with their business priorities and strategic road map.”

Deal size is expected to remain on the smaller side, similar to 2012. Seventy-nine percent of the survey population expects their deals to be valued at $250 million or less, and 12 percent foresee deals valued between $250 million and $500 million. Only two percent expect to engage in deals valued between $1 billion and $5 billion.

The survey results are consistent with marketplace trends, said Phil Isom , U.S. leader for KPMG’s Corporate Finance and Restructuring practice. “Middle-market deals continue to dominate. They are easier to finance and to justify to shareholders in what is still a somewhat uncertain economy,” he said.

The survey also examined respondents’ projections for M&A among specific industries, which indicate possible increased activity in the technology sector (39 percent), healthcare and pharmaceuticals sector (35 percent), and energy sector (31 percent). When asked which region would experience the most deals in 2013, 73 percent of respondents cited North America. Western Europe and China garnered 28 percent and 27 percent of responses, respectively.

Marc Moyers , KPMG’s national sector leader for Private Equity, agrees that technology and healthcare will continue to be attractive, especially for private equity investors. “The constantly evolving world of technology and investment opportunities that arise as we get more clarity around Obamacare will create attractive opportunities in those sectors,” he said. “Private equity investors will continue to seek out U.S. companies with significant upside potential, as well as emerging markets with strong growth opportunities.”

Additionally, nearly two-thirds of the M&A professionals noted that deal activity would likely be most inhibited by recessionary fears and a slow growth environment. Thirty-one percent would credit sluggish deal activity to uncertainty surrounding the tax code, whereas concerns about Europe were cited by 23 percent and regulatory considerations by 20 percent.

Sixty-nine percent of survey respondents said they considered tax implications at the outset on a deal. “Every transaction — merger, acquisition, or restructuring — has tax implications,” according to Lisa Madden , U.S. leader for KPMG’s M&A Tax practice. “How the business is transferred, what jurisdictions the business operates in, and where the acquisition financing is placed within the enterprise can all have a major impact on the way a deal is structured and, perhaps most important, on its final value for stakeholders.”

Integration challenges should also be analyzed at the inception of a deal. Survey results concluded that the most significant integration concerns are cultural issues (38 percent), human capital issues (36 percent), and operational and rationalization issues (34 percent).

With the prospect of significant synergy opportunities and the impetus to pay a higher price for assets to support long-term economic and strategic goals, corporate buyers will have an advantage over private equity buyers in the current deal environment, said 44 percent of the survey population. Thirty percent of respondents thought private equity buyers would have the advantage, while 17 percent responded that neither party would have the advantage.

About the Survey

KPMG LLP engaged the Research practice unit of SourceMedia, the publisher of Mergers & Acquisitions, to survey 305 merger and acquisition professionals from U.S. corporations, private equity firms and investment funds in November 2012. A complete copy of the report is available on the KPMG U.S. website.

KPMG LLP

KPMG LLP, the audit, tax and advisory firm (www.kpmg.com/us), is the U.S. member firm of KPMG International Cooperative (“KPMG International.”) KPMG International’s member firms have 145,000 people, including more than 8,000 partners, in 152 countries.

Contact:

Jamie Bredehoft

KPMG LLP

(201) 505-6074

jbredehoft@kpmg.com

SOURCE: KPMG LLP

 

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Startups Advise Obama: Focus on Taxes and Talent as Second Term Begins

CEOs and Executives from Startup Companies Nationwide Offered Advice to Support the Innovation Economy in Silicon Valley Bank’s Annual Startup Outlook Survey

SANTA CLARA, CA, Jan. 18, 2013, With the second inauguration of President Obama pending, Silicon Valley Bank, financial partner to innovation companies worldwide, asked startup companies across America: “What piece of advice would you give to President Obama with regards to supporting the innovation economy?” Simplifying taxes and focusing on building a strong talent pool made up nearly half of all responses, which came from 600 comments by CEOs and executives of startup companies across the US. The question was part of Silicon Valley Bank’s fourth annual survey of startup companies nationwide.

See infographic.

“Startup companies are looking for simplicity and relevant talent above all,” said Greg Becker , CEO of Silicon Valley Bank. “They said things like, ‘cut the red tape,’ ‘simplify the tax code’ and ‘improve US science and math education to best-in-world outcomes.'”

“Our clients – high growth innovation companies – create jobs and outperform the broader economy. We should be doing everything we can as a country to make it easy for them to grow.”

High growth small companies, while small in number, have an outsized impact on the U.S. economy. They consume roughly 0.1-0.2% of U.S. GDP in invested capital, but turn into companies that create roughly 11 percent of U.S. private sector employment and 21 percent of U.S. GDP – or roughly twelve million jobs and over $3 trillion in annual revenues.

The most common advice, offered by nearly one-third of startup managers who participated in the survey, was in regard to taxes. Nearly 20 percent of the respondents believed the government should focus on developing a deep talent pool through a combination of approaches including immigration reform and better science and math education. A running theme in the comments was also the desire for government to work together on a bi-partisan basis.

Advice for the president fell into a few major categories:

  • Overhaul Tax System – 28% “Keep it simple” “Focus on ways to stimulate growth”
  • Build Talent Pool – 18% “Make it easy to hire the best & brightest from around the world”
  • Ease Regulation – 12% “US is the hardest country in the world to do business”
  • Promote Investment – 11% “Make investment in growth companies easier”
  • Champion Innovation – 10% “Make it very, very simple and cheap for the little guy to win!”
  • Give Us Space – 9% “Minimize Federal government involvement” “Leave us alone”
  • Other – 13% “Be more bi-partisan – both the President and Congress”

Silicon Valley Bank conducted its annual Startup Outlook survey in December 2012. More than 750 executives of startup companies, defined as those in the innovation sector with less than $100 million in annual revenue, responded. The company will be releasing additional data and reports based on the survey in the coming months. View all news related to the results of the Startup Outlook survey at http://www.svb.com/startup-outlook-report/ and follow the conversation on Twitter at @SVB_Financial #StartupOutlook.

About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and six international operations. (Nasdaq: SIVB) www.svb.com.

Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.

SOURCE: Silicon Valley Bank

RELATED LINKS: http://www.svb.com

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Bankrate: Mortgage Rates Retreat

NEW YORK, Jan. 17, 2013, Mortgage rates moved lower after reaching a 4-month high last week, with the benchmark 30-year fixed mortgage rate retreating to 3.60 percent this week, 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 rate pulled back to 2.89 percent and the larger jumbo 30-year mortgage dropped to 4.04 percent. Adjustable rate mortgages were lower across the board, with the popular 5-year ARM sliding to 2.74 percent and the 7-year ARM sinking to 2.88 percent.

The glow of the fiscal cliff deal is beginning to wear off, with mortgage rates now sliding back after a run-up to start the year. Although recent economic data has been pretty positive, the pace of the decline in bond yields and mortgage rates will likely pick up as nervousness about the debt ceiling debate increases. Mortgage rates are closely related to yields on long-term government bonds.

The last time mortgage rates were above 5 percent was Apr. 2011. At the time, the average 30-year fixed rate was 5.07 percent, meaning a $200,000 loan would have carried a monthly payment of $1,082.22. With the average rate now 3.60 percent, the monthly payment for the same size loan would be $909.29, a difference of $173 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 3.60% — down from 3.67% last week (avg. points: 0.36)

15-year fixed: 2.89% — down from 2.92% last week (avg. points: 0.27)

5/1 ARM: 2.74% — down from 2.77% last week (avg. points: 0.31)

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. A little over half of respondents, 54 percent, expect mortgage rates to
remain more or less unchanged over the coming week. Slightly more than one-quarter – 27 percent – predict mortgage rates will decline and just 19 percent see mortgage rates rising over the next seven days.

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

About Bankrate, Inc. (NYSE: RATE)

The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, 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.

For more information contact:

Kayleen Yates
Senior Director, Corporate Communications
kyates@bankrate.com

(917) 368-8677

SOURCE: Bankrate, Inc.

RELATED LINKS: http://www.bankrate.com

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