Mortgage rates mostly decreased this week in Miami. Meanwhile, home prices continue to rise in the city, the Miami Herald reports.
November 2015 had an increase in home prices of 8.1% from November 2014, according to the S&P/Case-Shiller Miami Home Price Index. Nationally, home prices were up 5.3% year over year. The only cities with a larger increase were Portland, San Francisco, Denver, Seattle and Dallas, the Herald reports.
This week's rates
The benchmark 30-year fixed-rate mortgage in Miami fell to 3.77% from 3.83%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.19 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.78%.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and up, remained at 3.63%. The benchmark 15-year fixed-rate mortgage dipped to 2.99% from 3.04%. The benchmark 5/1 adjustable-rate mortgage dropped to 3.08% from 3.17%.
Weekly mortgage survey
|Results from Bankrate's Feb. 10 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:||3.77%||2.99%||3.08%||3.63%|
|Change from last week:||-0.06||-0.05||-0.09||N/C|
|Change from last week:||-$5.61||-$3.96||-$8.03||N/C|