Mortgage rates floated higher in the New York Metro area this week.
Benchmark 30-year rate ticks up in New York Metro
According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the New York Metro area increased to 3.55%. While it was still less than the national average rate of 3.57%, the local rate was up 1 basis point from last week. A basis point is one-hundredth of 1 percentage point.
Mortgages in this week's survey had an average of 0.10 discount and origination points.
"With the 30-year fixed rising, it means that homebuyers and refinancers will find their borrowing costs have increased," says Holden Lewis, Bankrate's senior mortgage analyst.
The rise in the mortgage rate elevated 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $745.54, an uptick of $0.92 from last week.
No clear direction for other New York Metro mortgage types
Conversely, the average rate for 30-year jumbo mortgages fell this week, down 2 basis points to 3.50%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency. Those limits can range from $417,000 to $625,500, depending on the location.
The average rate for 15-year fixed-rate mortgages grew to 2.83%, climbing 1 basis point from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage increased along with rates, climbing $0.79 to $1,126.02.
"Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less lucrative than it would have been before the rate rise," Lewis says.
The benchmark 5/1 adjustable-rate mortgage rate 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 common type of variable-rate mortgage.
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Weekly mortgage survey
|Results from Bankrate's Aug. 24 survey of mortgage lenders. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $625,500 in New York Metro.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||3.55%||2.83%||2.91%||3.50%|
|Change from last week:||+0.01||+0.01||-0.04||-0.02|
|Change from last week:||+$0.92||+$0.79||-$3.53||-$6.98|