A number of closely-watched mortgage rates were flat in the Miami area this week.
Benchmark 30-year rate stays flat in Miami
According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Miami area stood at 4.32 percent. The local rate eclipsed the national rate of 4.30 percent.
The mortgages in the survey for this week had an average of 0.20 discount and origination points.
"With the most popular mortgage rate unchanged, it's neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate," says Holden Lewis, Bankrate's senior mortgage analyst.
Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also unchanged, remaining at $818.48.
Other Miami mortgage types mixed
The average rate for 30-year jumbo mortgages went in the other direction this week, ticking up 2 basis points to 4.29 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Miami area, that limit is $424,100.
The average rate for 15-year fixed-rate mortgages dropped 1 basis point, dipping to 3.52 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates on the decline, dropping $0.81 to $1,181.18.
"The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this fall in the 15-year fixed, a refinance will be more tempting to some homeowners," says Lewis.
The benchmark 5/1 adjustable-rate mortgage rate held at 3.38 percent this week. 5/1 adjustable-rate mortgages allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most common variety of variable-rate mortgage.
Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted March 29, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $424,100 in the Miami area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||4.32%||3.52%||3.38%||4.29%|
|Change from last week:||N/C||-0.01||N/C||+0.02|
|Change from last week:||N/C||-$0.81||N/C||+$4.98|
Methodology: The "Bankrate.com National Average," or "national survey of large lenders," is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We've conducted this survey in the same manner for more than 30 years, and because it's consistently done the way it is, it gives an accurate national apples-to-apples comparison.
To learn more about the different rate averages Bankrate publishes, see "Understanding Bankrate's Rate Averages."