Mortgage rates mostly grew this week in New York City. Meanwhile, Fox News reports that developers are planning to construct an underground park in the city.
Inspired by the Big Apple's High Line -- an elevated park with flowers, grass and trees built on defunct train tracks -- planners are looking to develop Lowline, the world’s first underground park. Planners are looking at a 116-year-old abandoned trolley terminal, which has been used for storage since 1948, as a potential site for part of the Lower East Side revitalization project, Fox reported.
The benchmark 30-year fixed-rate mortgage in the New York metro area dipped to 4.17 percent from 4.19 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.06 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.07 percent.
The planners, comprised of New York residents who work and live in the area, expect the cost to be about $60 million to create the 1-acre space. More than $1 million has been raised for research and design of the project, with hopes that some government funding will be available, Fox news noted.
The park developers envision a place of refuge capable of hosting exhibits, music performances and children's activities for city residents. The dark space would be illuminated by street-level solar collectors that would filter the sun down into the proposed oasis.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, inched up to 4.14 percent from 4.13 percent. The benchmark 15-year fixed-rate mortgage rose to 3.3 percent from 3.25 percent. The benchmark 5/1 adjustable-rate mortgage increased to 3.19 percent from 3.15 percent.
Weekly mortgage survey
|Results from Bankrate's Dec. 3 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:||4.17%||3.30%||3.19%||4.14%|
|Change from last week:||-0.02||+0.05||+0.04||+0.01|
|Change from last week:||-$1.92||+$4.02||+$3.61||+$3.64|