Mortgage rates mostly fell in New York City this week. Meanwhile, the city may be headed for an overabundance of hotel rooms, Crain's reported.
Construction in New York City has increased the number of hotel rooms by 21 percent in the past five years, which may lead to reduced room rates for travelers. Currently there are more than 100,000 hotel rooms in the city, with an additional 27,000 planned or under construction, Crain's noted.
According to STR Inc., a hospitality research firm, the average gain in room rates will be 5.2 percent nationally this year, but the Big Apple will only see a 1.5 percent increase. New York City boasts the largest hotel market in the nation, with the average room costing $263.45 last year, compared with the national average of $115.32.
The benchmark 30-year fixed-rate mortgage in the New York metro area declined to 4.01 percent from 4.1 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.14 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.9 percent.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, remained at 4.19 percent. The benchmark 15-year fixed-rate mortgage dropped to 3.17 percent from 3.25 percent. The benchmark 5/1 adjustable-rate mortgage dipped to 3.19 percent from 3.24 percent.
Weekly mortgage survey
|Results from Bankrate's Feb. 25 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:||4.01%||3.17%||3.19%||4.19%|
|Change from last week:||-0.09||-0.08||-0.05||N/C|
|Change from last week:||-$8.54||-$6.38||-$4.50||N/C|