Mortgage rates mostly fell this week in Miami. Meanwhile, June home sales set a 10-year record for the city, The Real Deal reports.
According to the Miami Association of Realtors, June had the highest amount of homes sold in a single month in the city's history, with 1,390 homes sold. This is an increase of 8.6% year over year and 80 more homes than the previous record set in June 2005.
7,100 single-family homes have been sold this year. At the current pace, the area will break last year's record, the association said. Median price for homes grew in June by almost 15%, to $280,000, compared with $243,700 in June 2014.
This week's rates
The benchmark 30-year fixed-rate mortgage in Miami dipped to 4.13% from 4.15%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.13 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.09%.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and up, fell to 4% from 4.08%. The benchmark 15-year fixed-rate mortgage inched up to 3.26% from 3.24%. The benchmark 5/1 adjustable-rate mortgage dropped to 3.08% from 3.13%.
Weekly mortgage survey
|Results from Bankrate's July 29 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:||4.13%||3.26%||3.08%||4%|
|Change from last week:||-0.02||+0.02||-0.05||-0.08|
|Change from last week:||-$1.92||+$1.61||-$4.47||-$19.18|