Mortgage rates varied this week in Miami. Meanwhile, a waterfront site in Miami sold for $100 million an acre, reported the Miami Herald.
The 1.25-acre site -- 300 Biscayne Blvd. at the Miami River and Biscayne Bay confluence -- fetched a record $125 million, according to CBRE, the listing broker.
The benchmark 30-year fixed-rate mortgage in Miami fell to 4.18 percent from 4.25 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.21 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.26 percent.
CBRE called the property the last vacant downtown Miami waterfront site in a May press release. It received 15 offers on the land. Located next to the EPIC Residences and Hotel, the spot could sustain a building of up to 2 million square feet with a breathtaking view of the bay and downtown. The property also has access to the only private downtown dock capable of accommodating mega yachts.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, remained at 4.58 percent. The benchmark 15-year fixed-rate mortgage stayed at 3.41 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.42 percent from 3.38 percent.
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Weekly mortgage survey
|Results from Bankrate's July 23 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:||4.18%||3.41%||3.42%||4.58%|
|Change from last week:||-0.07||N/C||+0.04||N/C|
|Change from last week:||-$6.72||N/C||+$3.67||N/C|