Mortgage rates diverged in the Miami area this week.
Key 30-year rate shows decline in Miami
According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Miami area fell to 3.61%. The local rate was down 3 basis points from last week, and sat below the national average rate of 3.62%. A basis point is one-hundredth of 1 percentage point.
The mortgages in this week's survey had an average of 0.16 discount and origination points.
"The drop in the 30-year fixed will benefit those who waited to lock on a rate, as their gamble paid off," says Holden Lewis, Bankrate's senior mortgage analyst.
Monthly payments on a hypothetical $165,000 mortgage slid to $751.09, decreasing $2.78 from last week, corresponding with the decline in mortgage rates.
No clear direction for other Miami mortgage types
Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency -- for the Miami area, that limit is $417,000.
The average rate for 15-year fixed-rate mortgages held put, remaining at 2.86%. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, remaining at $1,128.38.
"The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates standing still doesn't help or hurt for refinancers thinking about locking soon," Lewis says.
The benchmark 5/1 adjustable-rate mortgage rate rose to 3.21% this week, a rise of 4 basis points. 5/1 adjustable-rate mortgages allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most common variety of variable-rate mortgage.
RATE SEARCH: Compare mortgage rates in your area now.
Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted 9/21/2016. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $417,000 in the Miami area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||3.61%||2.86%||3.21%||3.58%|
|Change from last week:||-0.03%||N/C||+0.04%||-0.05%|
|Change from last week:||-$2.78||N/C||+$3.62||-$11.68|