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Mortgage rates in Miami, Florida

By Clare Mallen · Bankrate.com
Thursday, April 17, 2014
Posted: 12 pm ET

Mortgage rates fluctuated this week in Miami. Meanwhile, South Florida had the second-highest foreclosure rate among metro areas nationally in the first quarter of 2014, according to the South Florida Business Journal.

Based on new data from RealtyTrac, a real estate information company, eight Florida metro areas placed in the top ten for highest number of foreclosures.

The benchmark 30-year fixed-rate mortgage in Miami fell to 4.47 percent from 4.51 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.26 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.43 percent.

South Florida saw a 2.1 percent increase in foreclosure actions from the fourth quarter, with one out of every 106 housing units receiving a foreclosure filing, according to the report. Interestingly, though, the report noted the average time it takes to foreclose on a home in Florida increased to 935 days from 200 days in 2007.

The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, rose to 4.58 percent from 4.5 percent. The benchmark 15-year fixed-rate mortgage remained at 3.55 percent. The benchmark 5/1 adjustable-rate mortgage dipped to 3.29 percent from 3.33 percent.

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Weekly mortgage survey

Results from Bankrate's April 16 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: 4.47% 3.55% 3.29% 4.58%
Change from last week: -0.04 N/C -0.04 +0.08
Monthly payment: $833.09 $1,183.61 $721.72 $2,132.75
Change from last week: -$3.91 N/C -$3.63 +$19.96
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