Several important mortgage rates were higher in the New York Metro area this week.
Benchmark 30-year rate ticks up in New York Metro
The average rate on the benchmark 30-year fixed-rate mortgage rate for the New York Metro area advanced to 4.04 percent, according to Bankrate’s national survey of large lenders. While the local rate was up 4 basis points from last week, it was less than the national average rate of 4.09 percent. A basis point is one-hundredth of 1 percentage point.
The mortgages in this week’s survey had an average of 0.19 discount and origination points.
With the 30-year fixed rising, it means that homebuyers and refinancers will find it more costly to borrow.
The rise in the mortgage rate raised 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $791.54, an increase of $3.82 from last week.
Other New York Metro mortgage types see increases
The rate for 30-year jumbo mortgages also ticked up this week, up 3 basis points to 3.94 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the New York Metro area, that limit is $636,150.
The average rate for 15-year fixed-rate mortgages ticked upward to 3.30 percent, up 4 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage increased along with rates, climbing $3.22 to $1,163.42.
Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less profitable than it would have been before the rate rise.
The popular 5/1 adjustable-rate mortgage rate ticked upward 3 basis points this week, ticking up to 3.51 percent. The most common variety of variable-rate mortgage, 5/1 ARMs allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.
Weekly mortgage survey
|Results from Bankrate’s survey of mortgage lenders conducted November 15, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $636,150 in the New York Metro area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week’s rate:||4.04%||3.30%||3.51%||3.94%|
|Change from last week:||+0.04||+0.04||+0.03||+0.03|
|Change from last week:||+$3.82||+$3.22||+$2.77||+$10.97|
Methodology: The “Bankrate.com National Average,” or “national survey of large lenders,” is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We’ve conducted this survey in the same manner for more than 30 years, and because it’s consistently done the way it is, it gives an accurate national apples-to-apples comparison.
To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s Rate Averages.”