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United Properties offers details about venue near Target Field

United Properties has offered more details about an entertainment complex that would include an eight-story hotel and music venue it wants to build close to Target Field in downtown Minneapolis.

United Properties owns the field close to the stadium on the corner of 6th Avenue N. and N. 5th Street.

In a meeting last week, the City Council approved submission of environmental grant funding applications for the site. The hotel is proposed to have 154 units and underground parking and connect to the two-level performance venue.

The building cost of the project would be about $45 million.

Mortgage rates dip below 4% for the first time since November

Just in time for the busiest home shopping season of the year, mortgage rates continue to fall, this week dipping below 4 percent for the first time since November, according to Freddie Mac's Primary Mortgage Market Survey.

The results of that weekly survey for the week ending April 20: 

 • The 30-year fixed-rate mortgage (FRM) averaged 3.97 percent with an average 0.5 point, down from last week when it averaged 4.08 percent. A year ago at this time, the 30-year FRM averaged 3.59 percent.

• 15-year FRM this week averaged 3.23 percent with an average 0.5 point, down from last week when it averaged 3.34 percent. A year ago at this time, the 15-year FRM averaged 2.85 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.10 percent this week with an average 0.4 point, down from last week when it averaged 3.18 percent. A year ago, the 5-year ARM averaged 2.81 percent.

Freddie Mac's chief economist, Sean Becketti, said that weak economic data and growing international tensions are driving investors out of riskier sectors and into Treasury securities. "This shift in investment sentiment has propelled rates lower," he said.