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Mortgage rates in Miami, Florida

By Clare Mallen · Bankrate.com
Thursday, April 10, 2014
Posted: 12 pm ET

Mortgage rates decreased this week in Miami. Meanwhile, the biggest jump in sales for 2013 occurred in the medium-priced homes, according to The Real Deal.

Homes priced between $250,000 and $500,000 in Miami-Dade County experienced a 35 percent increase in sales from 2012 to 2013, according to a report from One Sotheby's International Realty.

The benchmark 30-year fixed-rate mortgage in Miami fell to 4.51 percent from 4.57 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.15 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.47 percent.

The residential market showed an 8 percent increase in sales in 2013 from 2012 with more than 31,000 closings, and the average per-square-foot sale price also rose by 8.3 percent to $273. However, the report predicts prices will flatten in 2014 as more inventory becomes available.

The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, tumbled to 4.5 percent from 4.71 percent. The benchmark 15-year fixed-rate mortgage dipped to 3.55 percent from 3.57 percent. The benchmark 5/1 adjustable-rate mortgage slumped to 3.33 percent from 3.46 percent.

Weekly mortgage survey

Results from Bankrate's April 9 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: 4.51% 3.55% 3.33% 4.50%
Change from last week: -0.06 -0.02 -0.13 -0.21
Monthly payment: $837.01 $1,183.61 $725.35 $2,112.88
Change from last week: -$5.88 -$1.62 -$11.78 -$51.71
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