Mortgage rates rose this week in Miami. Meanwhile, the University of Miami, or UM, sold an 80-acre property to a developer who plans to build homes and retail shops at the site, according to the South Florida Business Journal.
The spot, near Zoo Miami, previously housed offices for the university. A southern campus of UM was originally planned for the location before the decision to sell it. The university will continue to use 10 acres on the property, according to the report.
The benchmark 30-year fixed-rate mortgage in Miami increased to 4.25 percent from 4.22 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.06 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.31 percent.
The land was purchased by Ram Realty Services. The developer plans to break ground on the initial phase of the project this summer. The first phase will have 408 garden-style apartments, a 10,000-square-foot clubhouse as well as 250,000 square feet of retail. Panera, LA Fitness, Chili's and Walmart have already signed leases at the project, called Coral Reef, according to the Journal.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, remained at 4.58 percent. The benchmark 15-year fixed-rate mortgage stayed at 3.41 percent. The benchmark 5/1 adjustable-rate mortgage grew to 3.38 percent from 3.29 percent.
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Weekly mortgage survey
|Results from Bankrate's July 16 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:||4.25%||3.41%||3.38%||4.58%|
|Change from last week:||+0.03||N/C||+0.09||N/C|
|Change from last week:||+$2.90||N/C||+$8.25||N/C|