Mortgage rates decreased this week in Miami. Meanwhile, there is good news for investors who are renting properties in the area, reported the Miami Herald.
A study by Zillow found that the Miami-Fort Lauderdale area ranked No. 2 in the top 50 metro areas for short-term rent return. Furthermore, it placed No. 19 in equity gain from rental homes, according to the report.
The benchmark 30-year fixed-rate mortgage in Miami fell to 4.2 percent from 4.25 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.08 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.24 percent.
Short-term gain measures compared anticipated rental income to the estimated monthly mortgage payment for the study. Miami saw a $515 profit per month, or $6,184 per year. Oklahoma City placed first and Tulsa, Oklahoma, came in third.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, remained at 4.33 percent. The benchmark 15-year fixed-rate mortgage dipped to 3.39 percent from 3.43 percent. The benchmark 5/1 adjustable-rate mortgage sunk to 3.29 from 3.38 percent.
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Weekly mortgage survey
|Results from Bankrate's Aug. 20 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:||4.20%||3.39%||3.29%||4.33%|
|Change from last week:||-0.05||-0.04||-0.09||N/C|
|Change from last week:||-$4.81||-$3.22||-$8.15||N/C|