Mortgage rates mostly fell this week in Miami. Meanwhile, city commissioners approved preliminary funding for a 1,000-foot observation tower, the Miami Herald reported.
SkyRise Miami was approved in August by voters and now with the commissioners' backing, funding for the project is beginning. The waterfront tourist attraction will employ about 600 people and is being billed as the "Eiffel Tower of Miami."
According to the SkyRise Miami website, Miami is the third most frequented city in the nation by overseas tourists. 3.2 million visitors are projected for the proposed structure, which will boast a SkyRise Flying Theater, SkyRise Drop, Sky Plunge, as well as a private club, ballroom, restaurants and nightclub.
The benchmark 30-year fixed-rate mortgage in Miami dropped to 3.74 percent from 3.79 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.18 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.8 percent.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and up, inched down to 3.98 percent from 4 percent. The benchmark 15-year fixed-rate mortgage remained at 3.07 percent. The benchmark 5/1 adjustable-rate mortgage dipped to 3.29 percent from 3.33 percent.
Weekly mortgage survey
|Results from Bankrate's Jan. 28 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:||3.74%||3.07%||3.29%||3.98%|
|Change from last week:||-0.05||N/C||-0.04||-0.02|
|Change from last week:||-$4.67||N/C||-$3.63||-$4.80|