Mortgage rates grew this week in Miami. Meanwhile, residential sales in the city are on the rise, The Real Deal reports.
According to Douglas Elliman's first quarter report, the average sales prices increased by almost 25 percent, to $393,343, while the percentage of closed sales rose by 12.6 percent, to 4,344 year-over-year.
Additionally, the report noted the fast pace of the Miami market and that the percentage of sales with financing has increased since 2014.
The benchmark 30-year fixed-rate mortgage in Miami rose to 3.86 percent from 3.77 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.07 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.79 percent.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and up, jumped to 4.08 percent from 3.96 percent. The benchmark 15-year fixed-rate mortgage grew to 3.09 percent from 3.05 percent. The benchmark 5/1 adjustable-rate mortgage surged to 3.21 percent from 3.08 percent.
Weekly mortgage survey
|Results from Bankrate's April 22 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:||3.86%||3.09%||3.21%||4.08%|
|Change from last week:||+0.09||+0.04||+0.13||+0.12|
|Change from last week:||+$8.51||+$3.19||+$11.79||+$29.10|