A number of benchmark mortgage rates were higher in the New York Metro area this week.
Key 30-year rate higher in New York Metro
The average rate on the benchmark 30-year fixed-rate mortgage rate for the New York Metro area climbed to 3.58%, according to Bankrate's national survey of large lenders. While it was below the national average rate of 3.64%, the local rate was up 5 basis points from last week. A basis point is one-hundredth of 1 percentage point.
In the survey for the current week, the mortgages had an average of 0.06 discount and origination points.
"With the 30-year fixed rising, it means that homebuyers and refinancers will find it pricier to borrow," says Holden Lewis, Bankrate's senior mortgage analyst.
The growth in the mortgage rate punched up 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $748.31, an addition of $4.64 from last week.
Other New York Metro mortgage types mixed
On the other hand, the average rate for 30-year jumbo mortgages fell this week, down 1 basis point to 3.52%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the New York Metro area, that limit is $625,500.
The average rate for 15-year fixed-rate mortgages rose to 2.90%, up 4 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage ticked up along with rates, climbing $3.16 to $1,131.54.
"Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less beneficial than it would have been before the rate rise," Lewis says.
The benchmark 5/1 adjustable-rate mortgage rate rose to 3.00% this week, a rise of 5 basis points. The most common type of variable-rate mortgage, 5/1 ARMs allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.
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Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted 10/19/2016. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $625,500 in the New York Metro area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||3.58%||2.90%||3.00%||3.52%|
|Change from last week:||+0.05||+0.04||+0.05||-0.01|
|Change from last week:||+$4.64||+$3.16||+$4.46||-$3.50|