Mortgage rates decreased this week in Miami. Meanwhile, North Miami approved a deal to sell 50 bayfront acres for development, the Miami Herald reported.
The North Miami City Council unanimously agreed to the deal, which will provide the city with revenue and lead to development at the site, the Herald reported. Additionally, the $20 million price tag includes the removal of contaminated soil from the former landfill site, plus 2 percent of proceeds from the sale of condo units on the Biscayne Landing property.
The benchmark 30-year fixed-rate mortgage in Miami dropped to 4.05 percent from 4.1 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.1 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.1 percent.
The land was purchased by developer Oleta Partners, with the plan to build thousands of condominium units, a hotel, office space and an entertainment area, according to the Herald. The City Manager of North Miami estimates revenues from the sale could be over $35 million, based on the current market, which would support each unit selling for $500,000.
The city owns another 100 acres of land at the bay-front site that could be developed in the future.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, remained at 4.1 percent. The benchmark 15-year fixed-rate mortgage dipped to 3.21 percent from 3.23 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.23 from 3.25 percent.
Weekly mortgage survey
|Results from Bankrate's Nov. 19 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:||4.05%||3.21%||3.23%||4.10%|
|Change from last week:||-0.05||-0.02||-0.02||N/C|
|Change from last week:||-$4.76||-$1.60||-$1.81||N/C|