Rates Blog

Finance Blogs » Rates Blog » Mortgage rates in Miami, Florida

Mortgage rates in Miami, Florida

By Clare Mallen · Bankrate.com
Thursday, July 30, 2015
Posted: 7 am ET

Mortgage rates mostly fell this week in Miami. Meanwhile, June home sales set a 10-year record for the city, The Real Deal reports.

According to the Miami Association of Realtors, June had the highest amount of homes sold in a single month in the city's history, with 1,390 homes sold. This is an increase of 8.6% year over year and 80 more homes than the previous record set in June 2005.

7,100 single-family homes have been sold this year. At the current pace, the area will break last year's record, the association said. Median price for homes grew in June by almost 15%, to $280,000, compared with $243,700 in June 2014.

This week's rates

The benchmark 30-year fixed-rate mortgage in Miami dipped to 4.13% from 4.15%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.13 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.09%.

More rates

The benchmark 30-year jumbo mortgage, for loans of $417,000 and up, fell to 4% from 4.08%. The benchmark 15-year fixed-rate mortgage inched up to 3.26% from 3.24%. The benchmark 5/1 adjustable-rate mortgage dropped to 3.08% from 3.13%.

Weekly mortgage survey

Results from Bankrate's July 29 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: 4.13% 3.26% 3.08% 4%
Change from last week: -0.02 +0.02 -0.05 -0.08
Monthly payment: $800.15 $1,160.21 $702.79 $1,990.82
Change from last week: -$1.92 +$1.61 -$4.47 -$19.18
«
»
Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
8 Comments
Astrid Obanner
September 24, 2013 at 9:58 am

I'll immediately grasp your rss feed as I can't to find your e-mail subscription link or e-newsletter service. Do you've any? Please let me understand so that I could subscribe. Thanks.|

Add a comment

(Comments may take 5-10 minutes to appear)