Mortgage rates mostly increased this week in Miami. Meanwhile, the city's ranking in the world’s top luxury real estate markets is the highest it's ever been, the Miami New Times reports.
Christie's International Real Estate compiles a list each year of the world's top luxury real estate markets. Miami has been in the top 10 on the list before, but in the newly released 2015 study, Miami saw its highest ranking at 7th in the world. That puts Miami above Paris and San Francisco.
Hedge fund manager Ken Griffin purchased a penthouse at the Faena House in Mid-Beach for $55 million -- the 13th most expensive residential real estate buy in the world in 2015 -- which may be the single reason the city's ranking noted such a high uptick.
Miami's ranking is expected to fall next year, the Times notes.
This week's rates
The benchmark 30-year fixed-rate mortgage in Miami rose to 3.72% from 3.67%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.11 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.76%.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and up, remained at 3.71%. The benchmark 15-year fixed-rate mortgage climbed to 2.90% from 2.84%. The benchmark 5/1 adjustable-rate mortgage surged to 3.21% from 3.04%.
Weekly mortgage survey
|Results from Bankrate's May 18 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:||3.72%||2.90%||3.21%||3.71%|
|Change from last week:||+0.05||+0.06||+0.17||N/C|
|Change from last week:||+$4.68||+$4.75||+$15.44||N/C|