Mortgage rates mostly increased in New York City this week. Meanwhile, a new report says the typical household in New York City will spend almost two-thirds of their income on rent this year, NBC New York reports.
According to online real estate marketplace StreetEasy, renters in the city are expected to spend 65.2% on rent this year, up from 59.7% last year. The median rent-to-income ratio will rise 5.5 percentage points in 2016, with the median rent predicted to be $3,054 and a median income forecast of $56,244.
Brooklyn will note the highest rental burden this year, where the average household that rents is expected to spend 65.4% of their income on rent; Bronx is the 2nd highest at 54.1% and Queens placed 3rd with a 43.5% burden. The only affordable borough in the city for renters is Staten Island, where only 27.9% of income is needed to satisfy rent, according to the report.
This week's rates
The benchmark 30-year fixed-rate mortgage in the New York metro area grew to 3.73% from 3.69%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.11 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.83%.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, jumped to 3.63% from 3.53%. The benchmark 15-year fixed-rate mortgage inched down to 2.91% from 2.92%. The benchmark 5/1 adjustable-rate mortgage rose to 3.03% from 2.97%.
Weekly mortgage survey
|Results from Bankrate's April 27 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:||3.73%||2.91%||3.03%||3.63%|
|Change from last week:||+0.04||-0.01||+0.06||+0.10|
|Change from last week:||+$3.75||-$0.79||+$5.36||+$35.33|