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Mortgage rates in New York, New York

By Clare Mallen · Bankrate.com
Thursday, August 21, 2014
Posted: 12 pm ET

Mortgage rates dipped this week in New York City. Meanwhile, the Bronx's City Island is getting its first new condos in 15 years, according to Curbed New York.

City Island hugs the eastern edge of the Bronx, with 230 acres and only 4,400 residents, The New York Times reported. Now, a 43-unit development is under construction on Long Island Sound by developer Greystone. The gated complex, On the Sound, sits on five waterfront acres and will consist of 21 two-family homes and one single-family home along with a clubhouse, outdoor playground, pool and fitness center. Nearly all sites will have a water view, the Times noted.

The benchmark 30-year fixed-rate mortgage in the New York metro area decreased to 4.31 percent from 4.34 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.25 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.24 percent.

Prices for the homes will start in the high $400,000s. The two-family dwellings are made to resemble a single-family home by being built on top of one another instead of side-to-side. Each home will have its own garage and entrance while sharing a driveway, the Times stated.

The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, inched down to 4.34 percent from 4.36 percent. The benchmark 15-year fixed-rate mortgage fell to 3.37 percent from 3.4 percent. The benchmark 5/1 adjustable-rate mortgage declined to 3.15 percent from 3.19 percent.

Shop mortgage rates in your area.

Weekly mortgage survey

Results from Bankrate's Aug. 20 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: 4.31% 3.37% 3.15% 4.34%
Change from last week: -0.03 -0.03 -0.04 -0.02
Monthly payment: $817.51 $1,169.05 $709.07 $3,110.13
Change from last week: -$2.91 -$2.42 -$3.59 -$7.36
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