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Mortgage rates in Miami, Florida

By Claes Bell · Bankrate.com
Wednesday, July 20, 2016
Posted: 9 pm ET

Mortgage rates didn't move in the Miami area this week.

Benchmark 30-year rate flat

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 3.55%.

The average mortgage in our survey this week had .23 discount and origination points.

"With the most popular mortgage rate doing a whole lot of nothing, 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 mortgages were also consistent, staying at $745.53.

Other mortgage types rise

The average rate for 30-year jumbo mortgages went in the other direction this week, increasing 13 basis points to 3.67%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency that can range from $417,000 to $625,000, depending on the location.

The average rate for 15-year fixed-rate mortgages rose to 2.84%, rising 3 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates trending down, tapering off $2.64 to $681.48.

"Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less lucrative than it would have been before the rate rise," Lewis says.

The benchmark 5/1 adjustable-rate mortgage rate grew to 3.08% this week, a rise of 4 basis points. The most common variety of variable-rate mortgage, 5/1 ARMs allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.

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Weekly mortgage survey

Results from Bankrate's July 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: 3.55% 2.84% 3.08% 3.67%
Change from last week: N/C +0.03 +0.04 +0.13
Monthly payment: $745.54 $1,126.81 $702.79 $1,912.31
Change from last week: N/C +$2.37 +$3.58 +$30.73
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15 Comments
Yohan
July 07, 2016 at 12:25 pm

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i hope the updates are daily.

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