Mortgage rates increased this week in Miami. Meanwhile, cash sales in the city are down, The Real Deal reports.
Nationally, the cash sales rate for February was 37.9 percent, and Miami had a 59.3 percent rate. But that is a decrease of 4 percent from the same month last year, according to a report from CoreLogic. Detroit, and Cape Coral and Fort Myers, Florida, all had a higher number of cash sales than Miami. The city with the lowest number of cash sales was Washington, D.C., with 16.9 percent of homes sold for cash.
The Real Deal noted that a RealtyTrac report showed loans for homebuyers increased in the Miami area, while nationally the volume is stagnating. Miami ranked 11 out of the top 20 regions experiencing purchase loan increases in the first quarter of this year compared with last year.
The benchmark 30-year fixed-rate mortgage in Miami grew to 4.05 percent from 4.01 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.12 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.03 percent.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and up, increased to 4.04 percent from 4 percent. The benchmark 15-year fixed-rate mortgage remained at 3.21 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.13 percent from 3.08 percent.
Weekly mortgage survey
|Results from Bankrate's May 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:||4.05%||3.21%||3.13%||4.04%|
|Change from last week:||+0.04||N/C||+0.05||+0.04|
|Change from last week:||+$3.82||N/C||+$4.50||+$9.65|