Mortgage rates mostly increased this week in Miami. Meanwhile, Miami's Design District is growing with a new wave of restaurants and luxury stores, the Real Deal reports.
The Design District spans an 18-block area between North Miami Avenue and Northeast Fourth Court and is home to more than 60 stores and restaurants already occupying 700,000 square feet of retail space. The next phase will add more than 250,000 square feet of retail space, a 900 car-parking structure and a 120-room hotel.
Gucci and Christian Louboutin are both building flagship stores in the Design District, joining Tom Ford, Louis Vuitton, Cartier, Hermes and other luxury brands. The announcement of these new additions brings the Design District to 30% filled, the Real Deal notes.
This week's rates
The benchmark 30-year fixed-rate mortgage in Miami inched up to 3.70% from 3.67%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.13 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.73%.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and up, rose to 3.63% from 3.54%. The benchmark 15-year fixed-rate mortgage remained at 2.88%. The benchmark 5/1 adjustable-rate mortgage climbed to 3% from 2.92%.
Weekly mortgage survey
|Results from Bankrate's June 22 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:||3.70%||2.88%||3%||3.63%|
|Change from last week:||+0.03||N/C||+0.08||+0.09|
|Change from last week:||+$2.80||N/C||+$7.14||+$21.19|