A number of closely-watched mortgage rates held steady in the New York Metro area this week.
Key 30-year rate flat in New York Metro
The average rate on the benchmark 30-year fixed-rate mortgage rate for the New York Metro area held at 4.06 percent, according to Bankrate's national survey of large lenders. The local rate exceeded the national rate of 4.05 percent.
In this week's survey, the mortgages had an average of 0.10 discount and origination points.
With the most popular mortgage rate standing still, it's neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate.
Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also constant, staying at $793.45.
Other New York Metro mortgage types mixed
On the other hand, the average rate for 30-year jumbo mortgages ticked up this week, increasing 5 basis points to 3.94 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 stayed unchanged at 3.23 percent. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, remaining at $1,157.80.
The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates staying put is neither good news nor bad news for refinancers thinking about locking soon.
The benchmark 5/1 adjustable-rate mortgage rate climbed to 3.40 percent this week, a rise of 5 basis points. 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 type of variable-rate mortgage.
Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted August 16, 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:||4.06%||3.23%||3.40%||3.94%|
|Change from last week:||N/C||N/C||+0.05||+0.05|
|Change from last week:||N/C||N/C||+$4.58||+$18.30|
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."