Rates Blog

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

Mortgage rates in Miami, Florida

By Claes Bell · Bankrate.com
Thursday, October 20, 2016
Posted: 11 am ET

Mortgage rates showed no clear direction in the Miami area this week.

Key 30-year rate stays flat 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 stood at 3.66%. The local rate eclipsed the national rate of 3.64%.

The mortgages in the survey for the current week had an average of 0.12 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 mortgage were also consistent, holding at $755.74.

Other Miami mortgage types mixed

The average rate for 30-year jumbo mortgages also was flat this week, remaining at 3.67%. 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 rose 2 basis points, rising to 2.88%. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates higher, rising $1.58 to $1,129.96.

"Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less profitable than it would have been before the rate rise," says Lewis.

The benchmark 5/1 adjustable-rate mortgage rate dropped to 3.13% this week, a drop of 8 basis points. 5/1 adjustable-rate mortgages allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most popular type 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 10/19/2016. 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: 3.66% 2.88% 3.13% 3.67%
Change from last week: N/C +0.02 -0.08 N/C
Monthly payment: $755.74 $1,129.96 $707.27 $1,912.31
Change from last week: N/C +$1.58 -$7.16 N/C
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.
Leopoldo Eastridge
August 22, 2016 at 1:31 pm

Looking for current mortgage rates in Miami, FL? Here’s how to use our mortgage rate tool to find competitive interest rates.

July 07, 2016 at 12:25 pm

Great blog keep up the great job,
i hope the updates are daily.

August 25, 2015 at 12:14 pm

What is the best bank to get a jumbo mortgage loan in Miami?

August 12, 2015 at 7:18 pm

I just want to say I'm all new to weblog and seriously loved your web site. Very likely I’m planning to bookmark your blog . You actually come with outstanding writings. Cheers for revealing your webpage.

nirza giraldo
August 02, 2015 at 8:27 am

any special program for retaired people?

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)