Mortgage rates diverged in the Miami area this week.
Key 30-year rate up in Miami
The average rate on the benchmark 30-year fixed-rate mortgage for the Miami area moved upward to 4.18 percent, according to Bankrate's national survey of large lenders. Not only did the local rate end up above the national average rate of 4.15 percent, it was up 1 basis point from last week. A basis point is one-hundredth of 1 percentage point.
The mortgages in the survey for this week had an average of 0.32 discount and origination points.
"With the 30-year fixed rising, it means that homebuyers and refinancers will find their borrowing costs have grown," says Holden Lewis, Bankrate's senior mortgage analyst.
The climb in the mortgage rate lifted 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $804.95, a difference of $0.96 from last week.
No clear direction for other Miami mortgage types
The rate for 30-year jumbo mortgages also rose this week, increasing 9 points to 4.17 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Miami area, that limit is $417,000.
The average rate for 15-year fixed-rate mortgages held steady, at 3.34 percent. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, remaining at $1,166.63.
"The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates standing still is neither good news nor bad news for refinancers thinking about locking soon," Lewis says.
The benchmark 5/1 adjustable-rate mortgage diminished 9 basis points this week, to 3.33 percent. The most common variety of variable-rate mortgage, 5/1 ARMs allow property owners to pay a fixed rate for the first five years, and the rate adjusts once per year every year after.
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Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted 12/7/2016. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $417,000 in the Miami area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||4.18%||3.34%||3.33%||4.17%|
|Change from last week:||+0.01||N/C||-0.09||+0.09|
|Change from last week:||+$0.96||N/C||-$8.17||+$21.92|