A number of closely-watched mortgage rates climbed higher in the Miami area this week.
Key 30-year rate rises in Miami
The average rate on the benchmark 30-year fixed-rate mortgage rate for the Miami area advanced to 4.05 percent, according to Bankrate's national survey of large lenders. Increasing 6 basis points from last week, the local rate was identical to the national rate. A basis point is one-hundredth of 1 percentage point.
For mortgages in this week's survey, there were an average of 0.10 discount and origination points.
The increase in the mortgage rate lifted 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $792.50, an addition of $5.74 from last week.
Other Miami mortgage types see increases
The rate for 30-year jumbo mortgages also ticked up this week, increasing 12 points to 4.00 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Miami area, that limit is $424,100.
The average rate for 15-year fixed-rate mortgages ticked upward to 3.32 percent, climbing 5 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage ticked up along with rates, ratcheting up $4.03 to $1,165.03.
The benchmark 5/1 adjustable-rate mortgage rate climbed to 3.42 percent this week, a rise of 13 basis points. 5/1 adjustable-rate mortgages allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most common variety of variable-rate mortgage.
Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted June 21, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $424,100 in the Miami area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||4.05%||3.32%||3.42%||4.00%|
|Change from last week:||+0.06||+0.05||+0.13||+0.12|
|Change from last week:||+$5.74||+$4.03||+$11.96||+$29.45|
Methodology: The "Bankrate.com National Average," or "national survey of large lenders," is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We've conducted this survey in the same manner for more than 30 years, and because it's consistently done the way it is, it gives an accurate national apples-to-apples comparison.
To learn more about the different rate averages Bankrate publishes, see "Understanding Bankrate's Rate Averages."