Mortgage rates were mixed in the New York Metro area this week.
Benchmark 30-year rate slides 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 declined to 3.60%. The local rate sat below the national average rate of 3.62%, and was down 2 basis points from last week. A basis point is one-hundredth of 1 percentage point.
In this week's survey, the mortgages had an average of 0.06 discount and origination points.
"The drop in the 30-year fixed is great news for those who waited to lock on a rate, as that turned out to be a smart bet," says Holden Lewis, Bankrate's senior mortgage analyst.
Monthly payments on a hypothetical $165,000 mortgage slid to $750.16, dropping $1.85 from last week, corresponding with the drop in mortgage rates.
Other New York Metro mortgage types mixed
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 $625,500.
The average rate for 15-year fixed-rate mortgages held tight at 2.86%. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, remaining constant at $1,128.38.
"The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates staying put doesn't help or hurt for refinancers thinking about locking soon," Lewis says.
The benchmark 5/1 adjustable-rate mortgage rate grew to 3% this week, a rise of 1 basis point. 5/1 adjustable-rate mortgages allow homeowners 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 survey of mortgage lenders conducted 9/21/2016. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $625,500 in the New York Metro area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||3.60%||2.86%||3%||3.52%|
|Change from last week:||-0.02%||N/C||+0.01%||-0.01%|
|Change from last week:||-$1.85||N/C||+$0.89||-$3.50|