Mortgage rates were mixed this week in Miami. Meanwhile, a Holiday Inn in downtown Miami just sold for $65 million, the Miami Herald reports.
The 10-story hotel was purchased by a Brazilian developer who plans to replace the hotel with a 77-story tower with 400 condos, 240 hotel rooms and more than 500,000 square feet of retail and office space.
The tower will be called the World Trade Center of the Americas and would be one of the tallest towers in the city. It has been approved by the Federal Aviation Administration and Miami's Urban Design Review Board, the Herald notes.
This week's rates
The benchmark 30-year fixed-rate mortgage in Miami rose to 4.09% from 4.07%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.08 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.07%.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and up, sunk to 3.83% from 3.96%. The benchmark 15-year fixed-rate mortgage remained at 3.23%. The benchmark 5/1 adjustable-rate mortgage remained at 3.42%.
Weekly mortgage survey
|Results from Bankrate's Nov. 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:||4.09%||3.23%||3.42%||3.83%|
|Change from last week:||+0.02||N/C||N/C||-0.13|
|Change from last week:||+$1.91||N/C||N/C||-$30.79|