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Mortgage rates in New York, New York

By Clare Mallen · Bankrate.com
Thursday, May 21, 2015
Posted: 6 am ET

Mortgage rates increased in New York City this week. Meanwhile, the city is on pace to be home to the world's largest number of superrich by 2025, The Real Deal reports.

According to Knight Frank, a global property consultancy, the Big Apple will replace the current leader, London, as the place the superrich choose to live. The main reason for this shift, according to Knight Frank's head of research, is the increase in emigration of multimillionaires from Russia and China. In Russia, 33 percent of the ultra-wealthy are considering leaving their country.

The benchmark 30-year fixed-rate mortgage in the New York metro area grew to 4.16 percent from 4.12 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 4.03 percent.

The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, rose to 4.23 percent from 4.16 percent. The benchmark 15-year fixed-rate mortgage remained at 3.24 percent. The benchmark 5/1 adjustable-rate mortgage inched up to 3.07 percent from 3.05 percent.

Weekly mortgage survey

Results from Bankrate's May 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: 4.16% 3.24% 3.07% 4.23%
Change from last week: +0.04 N/C +0.02 +0.07
Monthly payment: $803.03 $1,158.60 $701.89 $3,069.76
Change from last week: +$3.85 N/C +$1.79 +$25.66
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