Mortgage rates dipped this week in Miami. Meanwhile, the Miami Herald reported that a private island in the Florida Keys is on the market for $110 million.
Named Pumpkin Key, the 26-acre island includes a beachfront area, a 20-slip marina, a tennis court, a dozen bayfront lots, a boat captain's apartment, and two caretaker's cottages, as well as a main house, according to the listing agent. The site could be developed into 12 homes or remain a family estate.
The benchmark 30-year fixed-rate mortgage in Miami remained at 4.5 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.03 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.45 percent.
The property is part of the exclusive Ocean Reef community that offers such amenities as an oceanfront inn, a spa and salon, golf courses, a marina, shops and restaurants.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, stayed at 4.58 percent. The benchmark 15-year fixed-rate mortgage slipped to 3.48 percent from 3.5 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.33 percent from 3.38 percent.
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Weekly mortgage survey
|Results from Bankrate's March 5 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:||4.50%||3.48%||3.33%||4.58%|
|Change from last week:||N/C||-0.02||-0.05||N/C|
|Change from last week:||N/C||-$1.62||-$4.55||N/C|