Mortgage rates ticked up in the New York Metro area this week.
Benchmark 30-year rate ticks up
The average rate on the benchmark 30-year fixed-rate mortgage rate for the New York Metro area climbed to 3.55%, according to Bankrate's national survey of large lenders. While it was still below the national average rate of 3.60%, the local rate was up 4 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 .12 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 climb in the mortgage rate elevated 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $745.53, an increase of $3.70 from last week.
Other mortgage types mixed
The rate for 30-year jumbo mortgages also ticked up this week, ramping up 3 points to 3.53%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency that can range from $417,000 to $625,000, depending on the location.
The average rate for 15-year fixed-rate mortgages held tight, remaining at 2.82%. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, remaining steady at $679.73.
"The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates staying put won't help or hurt for refinancers thinking about locking soon," Lewis says.
The benchmark 5/1 adjustable-rate mortgage rate rose to 2.94% 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 July 20 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:||3.55%||2.82%||2.94%||3.53%|
|Change from last week:||+0.04||N/C||+0.05||+0.03|
|Change from last week:||+$3.70||N/C||+$4.44||+$10.51|