While mortgage rates mostly fell this week in New York City, Crain's New York Business reported that the largest publicly traded hotel operator in the world, Hilton, is considering selling the Waldorf Astoria in Manhattan.
An analyst noted that with more than 1,200 rooms, the hotel is so large it can't charge luxury rates, and that's a problem.
The benchmark 30-year fixed-rate mortgage in the New York metro area dipped to 4.52 percent from 4.54 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.19 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.45 percent.
Hilton CEO Christopher Nassetta said the company would continue to operate the hotel following any sale. While the Park Avenue property would remain a hotel, it could also include residences, offices and shops, according to Bloomberg.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, rose to 4.57 percent from 4.54 percent. The benchmark 15-year fixed-rate mortgage inched down to 3.55 percent from 3.56 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.32 percent from 3.34 percent.
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Weekly mortgage survey
|Results from Bankrate's March 5 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:||4.52%||3.55%||3.32%||4.57%|
|Change from last week:||-0.02||-0.01||-0.02||+0.03|
|Change from last week:||-$1.96||-$0.81||-$1.82||+$11.20|