Mortgage rates didn't move in the Miami area this week.
Benchmark 30-year rate flat
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 stood at 3.55%.
The average mortgage in our survey this week had .23 discount and origination points.
"With the most popular mortgage rate doing a whole lot of nothing, it's neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate," says Holden Lewis, Bankrate's senior mortgage analyst.
Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgages were also consistent, staying at $745.53.
Other mortgage types rise
The average rate for 30-year jumbo mortgages went in the other direction this week, increasing 13 basis points to 3.67%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency that can range from $417,000 to $625,000, depending on the location.
The average rate for 15-year fixed-rate mortgages rose to 2.84%, rising 3 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates trending down, tapering off $2.64 to $681.48.
"Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less lucrative than it would have been before the rate rise," Lewis says.
The benchmark 5/1 adjustable-rate mortgage rate grew to 3.08% this week, a rise of 4 basis points. The most common variety of variable-rate mortgage, 5/1 ARMs allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.
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Weekly mortgage survey
|Results from Bankrate's July 20 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:||3.55%||2.84%||3.08%||3.67%|
|Change from last week:||N/C||+0.03||+0.04||+0.13|
|Change from last week:||N/C||+$2.37||+$3.58||+$30.73|