Capital Bank Gets Set for Housing Market to Revive
The Raleigh, N.C.-based Capital Bank is adding 15 mortgage officers — more than doubling its current staff — in anticipation of a resurgence in the housing market. The bank, which has 32 branches statewide, is also setting aside more than $20 million for mortgages for high-end homes. The loans will be available for homes costing more than $600,000 that were constructed by home builders and developers that are Capital Bank customers. CEO Grant Yarber said rates will be two percentage points below a standard 30-year super jumbo mortgage for borrowers who qualify. That program would help builders and developers who began building high-end speculative houses before the residential real estate market stumbled. "We believe, in 2009, there are going to be some great bargains on interest rates for home buyers," Yarber said. "We believe that 30-year rates will be in the 4.5% to 5% range for conventional mortgages. We believe that will spur a lot of people to purchase a new home." (www.newsobserver.com)
News & Observer (1/9/09); David Ranii
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