Mortgage rates rose this week in New York City. Meanwhile, a new luxury development in Soho, a neighborhood in lower Manhattan, is offering its residents a private underground parking spot for $1 million, according to The New York Times.
The 10-unit apartment building is being developed on the site of a former parking lot. According to Zillow, the national median sales price for a home is $217,800, so these parking spots will cost more than four times the average price of a home.
The benchmark 30-year fixed-rate mortgage in the New York metro area grew to 4.38 percent from 4.32 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.28 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.33 percent.
The Times further noted that the three-bedroom units in the condo will cost about $3,170 a square foot, whereas the parking spots will run $5,000 a square foot. Even though the parking space will have a higher unit cost than an apartment, the buyer will not actually own the spot. He or she will be issued a 99-year license for the space with the requirement that it be sold if the owner moves out of the building.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, jumped to 4.43 percent from 4.35 percent. The benchmark 15-year fixed-rate mortgage increased to 3.42 percent from 3.38 percent. The benchmark 5/1 adjustable-rate mortgage climbed to 3.3 percent from 3.25 percent.
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Weekly mortgage survey
|Results from Bankrate's Sept. 17 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:||4.38%||3.42%||3.30%||4.43%|
|Change from last week:||+0.06||+0.04||+0.05||+0.08|
|Change from last week:||+$5.85||+$3.23||+$4.55||+$29.68|