Multiple closely-watched mortgage rates trended upward in the New York Metro area this week.
Benchmark 30-year rate rises in New York Metro
The average rate on the benchmark 30-year fixed-rate mortgage rate for the New York Metro area increased to 4.35 percent, according to Bankrate's national survey of large lenders. Rising 6 basis points from last week, the local rate is now in sync with the national rate. A basis point is one-hundredth of 1 percentage point.
The mortgages in the survey for the current week had an average of 0.17 discount and origination points.
"With the 30-year fixed rising, it means that homebuyers and refinancers will find their borrowing costs have grown," says Holden Lewis, Bankrate's senior mortgage analyst.
The growth in the mortgage rate raised 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $821.39, an increase of $5.84 from last week.
Other New York Metro mortgage types mixed
The rate for 30-year jumbo mortgages also ticked upward this week, up 11 points to 4.20 percent. 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 $636,150.
The average rate for 15-year fixed-rate mortgages declined to 3.44 percent, falling 3 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates lower, down $2.42 to $1,174.70.
"The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this fall in the 15-year fixed, a refinance will be more tempting to some homeowners," says Lewis.
The benchmark 5/1 adjustable-rate mortgage rate rose 9 points this week, rising to 3.41 percent. 5/1 adjustable-rate mortgages allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most common variety of variable-rate mortgage.
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Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted 2/15/2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $636,150 in the New York Metro area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||4.35%||3.44%||3.41%||4.20%|
|Change from last week:||+0.06||-0.03||+0.09||+0.11|
|Change from last week:||+$5.84||-$2.42||+$8.26||+$40.98|
Methodology: The "Bankrate.com National Average," or "national survey of large lenders," is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We've conducted this survey in the same manner for more than 30 years, and because it's consistently done the way it is, it gives an accurate national apples-to-apples comparison.
To learn more about the different rate averages Bankrate publishes, see "Understanding Bankrate's Rate Averages."