Mortgage rates showed no clear direction in the Miami area this week.
Key 30-year rate stays flat in Miami
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 3.66%. The local rate eclipsed the national rate of 3.64%.
The mortgages in the survey for the current week had an average of 0.12 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 mortgage were also consistent, holding at $755.74.
Other Miami mortgage types mixed
The average rate for 30-year jumbo mortgages also was flat this week, remaining at 3.67%. 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 rose 2 basis points, rising to 2.88%. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates higher, rising $1.58 to $1,129.96.
"Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less profitable than it would have been before the rate rise," says Lewis.
The benchmark 5/1 adjustable-rate mortgage rate dropped to 3.13% this week, a drop of 8 basis points. 5/1 adjustable-rate mortgages allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most popular type of variable-rate mortgage.
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Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted 10/19/2016. 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:||3.66%||2.88%||3.13%||3.67%|
|Change from last week:||N/C||+0.02||-0.08||N/C|
|Change from last week:||N/C||+$1.58||-$7.16||N/C|