Mortgage rates rose in the Miami area this week.
Key 30-year rate rises 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 increased to 3.57%. Climbing 2 basis points from last week, the local rate pulled even with the national rate. A basis point is one-hundredth of 1 percentage point.
In this week's survey, the mortgages had an average of 0.15 discount and origination points.
"With the 30-year fixed rising, it means that homebuyers and refinancers will find it more expensive to borrow," says Holden Lewis, Bankrate's senior mortgage analyst.
The rise in the mortgage rate raised 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $747.39, an addition of $1.85 from last week.
Other Miami mortgage types mixed
On the other hand, the average rate for 30-year jumbo mortgages fell this week, down 9 basis points to 3.54%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency. Those limits start at $417,000 and can rise to $625,500, depending on the location.
The average rate for 15-year fixed-rate mortgages grew 3 basis points, reaching 2.84%. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage increased along with rates, ticking up $2.37 to $1,126.81.
"Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less advantageous than it would have been before the rate rise," Lewis says.
The benchmark 5/1 adjustable-rate mortgage rate held at 3.08% this week. The most common variety of variable-rate mortgage, 5/1 ARMs allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.
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Weekly mortgage survey
|Results from Bankrate's Aug. 24 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:||3.57%||2.84%||3.08%||3.54%|
|Change from last week:||+0.02||+0.03||N/C||-0.09|
|Change from last week:||+$1.85||+$2.37||N/C||-$20.94|