While mortgage rates mostly decreased this week in New York City, The New York Times reported that a former jail in Yonkers will be transformed into an artist's oasis, housing an art collection, a gallery and a studio.
The mayor of Yonkers put the former jail up for sale last July hoping to transform the two-story brick building overlooking the Hudson River into something more appealing for the city. Artist and architect Maya Lin and her husband Daniel Wolf, an art collector and dealer, purchased the site in December for $1 million.
The benchmark 30-year fixed-rate mortgage in the New York metro area declined to 4.48 percent from 4.53 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.27 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.43 percent.
The metal bars on the outside windows and heavy double doors inside the building are ideally suited for the art collection Mr. Wolf has amassed over the years. The building will get a major makeover, including an additional two floors of art studios for Ms. Lin.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, fell to 4.5 percent from 4.54 percent. The benchmark 15-year fixed-rate mortgage dipped to 3.56 percent from 3.6 percent. The benchmark 5/1 adjustable-rate mortgage inched up to 3.31 percent from 3.3 percent.
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Weekly mortgage survey
|Results from Bankrate's April 16 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:||4.48%||3.56%||3.31%||4.50%|
|Change from last week:||-0.05||-0.04||-0.10||-0.04|
|Change from last week:||-$4.89||-$3.25||-$9.06||-$14.85|