Mortgage rates increased this week in Miami. Likewise, the number of foreclosure filings jumped in South Florida in August, the South Florida Business Journal reported.
According to RealtyTrac, the region of Miami-Dade, Broward and Palm Beach counties reported a 17.1 percent increase in foreclosure filings in August from the previous month. However, when compared to August 2013, foreclosure filings were down 9.5 percent.
The benchmark 30-year fixed-rate mortgage in Miami climbed to 4.27 percent from 4.23 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.15 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.33 percent.
Foreclosure filings include repossessions, judgments and lawsuits, for the RealtyTrac study. Florida had the highest state foreclosure rate with one in every 400 houses receiving a foreclosure notice -- three times the national average. Among metro areas, South Florida ranked fifth highest nationally, with one out of every 359 homes getting foreclosure notices, according to RealtyTrac.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, grew to 4.33 percent from 4.27 percent. The benchmark 15-year fixed-rate mortgage rose to 3.4 percent from 3.35 percent. The benchmark 5/1 adjustable-rate mortgage jumped to 3.27 from 3.21 percent.
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Weekly mortgage survey
|Results from Bankrate's Sept. 17 survey of mortgage lenders. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $417,000 in Miami.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||4.27%||3.40%||3.27%||4.33%|
|Change from last week:||+0.04||+0.05||+0.06||+0.06|
|Change from last week:||+$3.87||+$4.04||+$5.45||+$14.74|