Mortgage rates were mixed in the Miami area this week.
Benchmark 30-year rate slides in Miami
The average rate on the benchmark 30-year fixed-rate mortgage rate for the Miami area diminished to 3.96 percent, according to Bankrate’s national survey of large lenders. The local rate was lower than the national average rate of 4.04 percent, and was down 4 basis points from last week. A basis point is one-hundredth of 1 percentage point.
Mortgages in this week’s survey had an average of 0.29 discount and origination points.
The drop in the 30-year fixed spells good news for those who waited to lock on a rate, as their gamble paid off.
Monthly payments on a hypothetical $165,000 mortgage fell to $783.94, dropping $3.79 from last week, corresponding with the dip in mortgage rates.
Other Miami mortgage types mixed
The average rate for 30-year jumbo mortgages fell this week, down 13 basis points to 4.04 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 stood pat, remaining at 3.30 percent. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, staying at $1,163.42.
The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates standing pat doesn’t help or hurt for refinancers thinking about locking soon.
The popular 5/1 adjustable-rate mortgage rate rose to 3.63 percent this week, a rise of 5 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 popular variety of variable-rate mortgage.
Weekly mortgage survey
|Results from Bankrate’s survey of mortgage lenders conducted October 18, 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:||3.96%||3.30%||3.63%||4.04%|
|Change from last week:||-0.04||N/C||+0.05||-0.13|
|Change from last week:||-$3.79||N/C||+$4.65||-$31.74|
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.”