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Mortgage rates in Miami, Florida

By Clare Mallen · Bankrate.com
Thursday, October 1, 2015
Posted: 6 am ET

Mortgage rates mostly fell this week in Miami. Meanwhile, Alex Rodriguez purchased a penthouse in the city, The Real Deal reports.

The New York Yankees star bought a 3,200-square-foot penthouse in the GranParaiso tower located in the Edgewater neighborhood for an undisclosed price. Similar units sell for more than $4 million. The tower is expected to be completed in 2018 and is part of a 10-acre complex. Amenities at the tower will include virtual golf, bowling, gym, spa, kids pool, a 100-foot zero-entry pool, access to the Paraiso Beach Club and restaurant. His unit is on the 53rd floor of the tower and will include 12-foot ceilings.

A-Rod sold his 20,000-square-foot Miami Beach mansion in 2013 for $30 million and has a reported net worth of $252 million, The Real Deal notes.

This week's rates

The benchmark 30-year fixed-rate mortgage in Miami fell to 4% from 4.06%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.11 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.01%.

More rates

The benchmark 30-year jumbo mortgage, for loans of $417,000 and up, dipped to 3.79% from 3.83%. The benchmark 15-year fixed-rate mortgage remained at 3.14%. The benchmark 5/1 adjustable-rate mortgage dropped to 3.08% from 3.17%.

Weekly mortgage survey

Results from Bankrate's Sept. 30 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% 3.14% 3.08% 3.79%
Change from last week: -0.06 N/C -0.09 -0.04
Monthly payment: $787.74 $1,150.60 $702.79 $1,940.67
Change from last week: -$5.70 N/C -$8.03 -$9.48
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