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Mortgage rates in Miami, Florida

By Clare Mallen · Bankrate.com
Thursday, April 28, 2016
Posted: 6 am ET

Mortgage rates mostly increased this week in Miami. Meanwhile, a resident in Miami needs to make substantially more than the median income to live comfortably, Miami New Times reports.

One financial rule of thumb says that a person spends 50% of after-tax income on necessities (such as food, rent, health care, utilities, transportation); another 30% on discretionary purchases; and the final 20% should be spent on savings. This is almost impossible to achieve in Miami, though.

According to an analysis from Go Banking Rates, a personal finance and commercial banking website, in order to adhere to that budget in Miami, a person would need to make $77,057 a year. That’s $46,199 more than the median income for the city, which is $30,858, according to New Miami Times.

No other city has as high a difference between the ideal salary number and the actual number, the Times notes.

This week's rates

The benchmark 30-year fixed-rate mortgage in Miami rose to 3.75% from 3.71%, 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 3.83%.

More rates

The benchmark 30-year jumbo mortgage, for loans of $417,000 and up, increased to 3.75% from 3.67%. The benchmark 15-year fixed-rate mortgage remained at 2.88%. The benchmark 5/1 adjustable-rate mortgage grew to 3.17% from 3.08%.

Weekly mortgage survey

Results from Bankrate's April 27 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: 3.75% 2.88% 3.17% 3.75%
Change from last week: +0.04 N/C +0.09 +0.08
Monthly payment: $764.14 $1,129.96 $710.87 $1,931.19
Change from last week: +$3.75 N/C +$8.13 +$18.98
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