Mortgage rates eased upwards in New York City this week. Meanwhile, Manhattan apartment inventory has reached its lowest point in five years, amNewYork reports.
The quarterly inventory report released by real estate listing website StreetEasy found that the available number of apartments shrunk 2.3 percent in Manhattan from the same period last year. There were only 10,243 units on the market in the first quarter of 2015.
This low inventory led to higher prices; median sales price in Manhattan was up 2 percent from the fourth quarter of 2014, to $946,000. This marks the third consecutive quarter of sales price growth in Manhattan, according to the report.
The benchmark 30-year fixed-rate mortgage in the New York metro area rose to 3.92 percent from 3.89 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.05 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.79 percent.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, grew to 4.13 percent from 4.09 percent. The benchmark 15-year fixed-rate mortgage inched up to 3.07 percent from 3.06 percent. The benchmark 5/1 adjustable-rate mortgage remained at 2.98 percent.
Weekly mortgage survey
|Results from Bankrate's April 22 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:||3.92%||3.07%||2.98%||4.13%|
|Change from last week:||+0.03||+0.01||N/C||+0.04|
|Change from last week:||+$2.84||+$0.80||N/C||+$14.56|