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Mortgage rates in New York, New York

By Clare Mallen · Bankrate.com
Thursday, July 24, 2014
Posted: 12 pm ET

Mortgage rates fell this week in New York City. Meanwhile, property sales in the city reached their highest level since 2007, according to Crain's.

A report by Massey Knakal Realty Services noted the total dollar volume for the first half of the year came to $27.4 billion, the highest since the peak of the property bubble in 2007, and up an incredible 88 percent from the first six months of 2013.

The benchmark 30-year fixed-rate mortgage in the New York metro area decreased to 4.34 percent from 4.37 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.29 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.26 percent.

Additionally, the number of properties sold in the first half of the year, 2,643, is on pace to set a record. The price per square foot rose by 8 percent citywide, to $440 per square foot, noted the report. Manhattan, as usual, has the highest price per square foot at $2,687.

The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, slumped to 4.45 percent from 4.53 percent. The benchmark 15-year fixed-rate mortgage dipped to 3.39 percent from 3.41 percent. The benchmark 5/1 adjustable-rate mortgage remained at 3.21 percent.

Shop mortgage rates in your area.

Weekly mortgage survey

Results from Bankrate's July 23 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: 4.34% 3.39% 3.21% 4.45%
Change from last week: -0.03 -0.02 N/C -0.08
Monthly payment: $820.42 $1,170.66 $714.47 $3,150.76
Change from last week: -$2.91 -$1.61 N/C -$29.58
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