Mortgage rates varied in New York City this week. Meanwhile, retail rents in Manhattan are falling, Crain's New York Business reports.
According to a report by the Real Estate Board of New York, retail rents in 10 of 17 major Manhattan shopping corridors are down. The average rent in SoHo fell 16% to $824 per square foot and Madison Avenue recorded a dip of 3%, to $1,644 per square foot this spring.
One area noting growth is downtown Manhattan, where rents rose 39% to $326 per square foot from a year ago, Crain's notes.
This week's rates
The benchmark 30-year fixed-rate mortgage in the New York metro area remained at 3.68%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.07 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.76%.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, dipped to 3.56% from 3.58%. The benchmark 15-year fixed-rate mortgage inched up to 2.89% from 2.87%. The benchmark 5/1 adjustable-rate mortgage rose to 2.98% from 2.91%.
Weekly mortgage survey
|Results from Bankrate's May 18 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:||3.68%||2.89%||2.98%||3.56%|
|Change from last week:||N/C||+0.02||+0.07||-0.02|
|Change from last week:||N/C||+$1.58||+$6.24||-$7.01|