Rates Blog

Finance Blogs » Rates Blog » Mortgage rates in Miami

Mortgage rates in Miami

By Claes Bell · Bankrate.com
Thursday, May 25, 2017
Posted: 9 am ET

A number of key mortgage rates fell in the Miami area this week.

Benchmark 30-year rate falls 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 fell to 4.17 percent. While the local rate was down 2 basis points from last week, it eclipsed the national average rate of 4.13 percent. A basis point is one-hundredth of 1 percentage point.

Mortgages in this week's survey had an average of 0.14 discount and origination points.

"The drop in the 30-year fixed is cause for celebration among those who waited to lock on a rate, as their wager paid off," says Holden Lewis, Bankrate's senior mortgage analyst.

Monthly payments on a hypothetical $165,000 mortgage fell to $803.99, down $1.92 from last week, corresponding with the decline in mortgage rates.

No clear direction for other Miami mortgage types

The average rate for 30-year jumbo mortgages fell this week, down 4 basis points to 4.19 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 slid to 3.43 percent, dipping 2 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates ticking downwards, ticking down $1.62 to $1,173.89.

"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 climbed to 3.33 percent this week, a rise of 4 basis points. 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.

Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate's survey of mortgage lenders conducted May 24, 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: 4.17% 3.43% 3.33% 4.19%
Change from last week: -0.02 -0.02 +0.04 -0.04
Monthly payment: $803.99 $1,173.89 $725.35 $2,071.45
Change from last week: -$1.92 -$1.62 +$3.65 -$9.88

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."

Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
May 18, 2017 at 9:23 pm

If you desire to take much from this piece of writing then you have to apply these
strategies to your won web site.
maglie premier league 2016

May 14, 2017 at 8:37 pm

I'd like to find out more? I'd love to find out
more details.
maglie calcio a poco prezzo

May 14, 2017 at 5:08 am

I am in fact grateful to the holder of this website who has shared this wonderful post at
terza maglia inter 2017

April 21, 2017 at 11:47 pm

Hello, every time i used to check web site posts here early in the
morning, as i like to find out more and more.
maglietta juventus

April 21, 2017 at 3:52 pm

I used to be recommended this website by way of my cousin.
I'm no longer positive whether this put up is
written by way of him as nobody else realize such specified about my problem.
You are wonderful! Thanks!
billige fotballdrakter

April 21, 2017 at 2:42 pm

Touche. Sound arguments. Keep up the great spirit.

manchester united trøje børn

Maglia Barcellona
March 30, 2017 at 12:18 pm

Amazing issues here. I'm very satisfied to see your post.

Thank you a lot and I am having a look ahead to contact you.
Will you kindly drop me a mail?
Maglietta Roma Falque Bambino

Juventus kläder
March 30, 2017 at 11:56 am

naturally like your website however you have to check the spelling on several of your posts.

A number of them are rife with spelling problems and I find it very bothersome to
tell the reality on the other hand I'll surely come back again.
Juventus Marchisio hemma fotbollströjor

Add a comment

(Comments may take 5-10 minutes to appear)