Rates Blog

Finance Blogs » Rates Blog » Mortgage rates in Miami

Mortgage rates in Miami

By Claes Bell · Bankrate.com
Thursday, March 30, 2017
Posted: 9 am ET

A number of closely-watched mortgage rates were flat in the Miami area this week.

Benchmark 30-year rate stays flat in Miami

According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Miami area stood at 4.32 percent. The local rate eclipsed the national rate of 4.30 percent.

The mortgages in the survey for this week had an average of 0.20 discount and origination points.

"With the most popular mortgage rate unchanged, it's neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate," says Holden Lewis, Bankrate's senior mortgage analyst.

Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also unchanged, remaining at $818.48.

Other Miami mortgage types mixed

The average rate for 30-year jumbo mortgages went in the other direction this week, ticking up 2 basis points to 4.29 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Miami area, that limit is $424,100.

The average rate for 15-year fixed-rate mortgages dropped 1 basis point, dipping to 3.52 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates on the decline, dropping $0.81 to $1,181.18.

"The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this fall in the 15-year fixed, a refinance will be more tempting to some homeowners," says Lewis.

The benchmark 5/1 adjustable-rate mortgage rate held at 3.38 percent this week. 5/1 adjustable-rate mortgages allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most common variety of variable-rate mortgage.

Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate's survey of mortgage lenders conducted March 29, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $424,100 in the Miami area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week's rate: 4.32% 3.52% 3.38% 4.29%
Change from last week: N/C -0.01 N/C +0.02
Monthly payment: $818.48 $1,181.18 $729.92 $2,096.26
Change from last week: N/C -$0.81 N/C +$4.98

Methodology: The "Bankrate.com National Average," or "national survey of large lenders," is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We've conducted this survey in the same manner for more than 30 years, and because it's consistently done the way it is, it gives an accurate national apples-to-apples comparison.

To learn more about the different rate averages Bankrate publishes, see "Understanding Bankrate's Rate Averages."

«
»
Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
22 Comments
Dortmund Tröja
March 29, 2017 at 6:09 pm

Thank you for any other wonderful post. Where else may anyone get that kind of info in such an ideal
means of writing? I've a presentation subsequent week, and I'm on the look for such information.
Sverige Tröja

leon
March 11, 2017 at 6:26 pm

Are you seeking a loan today, and your credit is bad,contact Williams finance limited @williamsemersonloanhelp@gmail. com for your loans because It easy approved ,quick,and affordable interest rate.

Bennie
March 10, 2017 at 11:40 pm

Hi, I would like to subscribe for this weblog to obtain most up-to-date updates, therefore where can i do it please help
out. maglie calcio poco prezzo

FLORIDA MORTGAGE LENDERS
November 10, 2016 at 6:21 am

Great idea to shop for the best deal

Leopoldo Eastridge
August 22, 2016 at 1:31 pm

Looking for current mortgage rates in Miami, FL? Here’s how to use our mortgage rate tool to find competitive interest rates.

Yohan
July 07, 2016 at 12:25 pm

Great blog keep up the great job,
i hope the updates are daily.

renatra
August 25, 2015 at 12:14 pm

What is the best bank to get a jumbo mortgage loan in Miami?

article
August 12, 2015 at 7:18 pm

I just want to say I'm all new to weblog and seriously loved your web site. Very likely I’m planning to bookmark your blog . You actually come with outstanding writings. Cheers for revealing your webpage.

nirza giraldo
August 02, 2015 at 8:27 am

any special program for retaired people?

Astrid Obanner
September 24, 2013 at 9:58 am

I'll immediately grasp your rss feed as I can't to find your e-mail subscription link or e-newsletter service. Do you've any? Please let me understand so that I could subscribe. Thanks.|

Add a comment

(Comments may take 5-10 minutes to appear)