Mortgage rates varied this week in Miami. Meanwhile, downtown Miami is seeing a major demographic shift, the South Florida Business Journal reported.
A study by the Miami Downtown Development Authority, or DDA, found the population in downtown Miami nearly doubled this year compared to the 2000 Census. And the downtown dwellers are getting younger, with nearly 46 percent between the ages of 25 and 44, compared to 29 percent in the rest of the county. There are also fewer families and fewer children than in the county as a whole.
The benchmark 30-year fixed-rate mortgage in Miami dipped to 4.03 percent from 4.05 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.07 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.07 percent.
The DDA also noted that the number of people working in the downtown area is about 222,000, a higher number than ever. These downtown residents are younger and single, and 58 percent have college degrees, compared to 35.9 percent countywide. Higher income levels are also found downtown, with a median income of $65,311, in contrast to $41,400 in the county.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, sunk to 3.94 percent from 4.08 percent. The benchmark 15-year fixed-rate mortgage remained at 3.21 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.15 percent from 3.04 percent.
Weekly mortgage survey
|Results from Bankrate's Dec. 3 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:||4.03%||3.21%||3.15%||3.94%|
|Change from last week:||-0.02||N/C||+0.11||-0.14|
|Change from last week:||-$1.90||N/C||+$9.93||-$33.38|