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Mortgage rates in New York, New York

By Clare Mallen · Bankrate.com
Thursday, September 25, 2014
Posted: 12 pm ET

Mortgage rates varied this week in New York City. Meanwhile, a local real estate developer wants to build a high-speed gondola to transport people between the boroughs of Brooklyn and Manhattan, NBC 4 New York reported.

CityRealty chief Dan Levy proposed the idea at a real estate conference in Brooklyn. He claims the gondola could carry 5,000 people per hour in both directions, while easing commuter congestion and creating no gas emissions. The New York Daily News noted that the proposed East River Skyway could transport people to Manhattan in less than four minutes.

The benchmark 30-year fixed-rate mortgage in the New York metro area grew to 4.4 percent from 4.38 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.14 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.3 percent.

The sky lift-type tram could operate in winds up to 75 miles per hour while providing breathtaking views of the city. Concerns were expressed about the cost and practicality of the gondola, but Levy countered that Rio de Janeiro successfully uses the gondola system, NBC reported. Furthermore, Levy told the Daily News the cost would be far less than a new or expanded subway line, at between $75 million and $100 million.

The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, dropped to 4.36 percent from 4.43 percent. The benchmark 15-year fixed-rate mortgage remained at 3.42 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.34 percent from 3.3 percent.

Shop mortgage rates in your area.

Weekly mortgage survey

Results from Bankrate's Sept. 24 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: 4.40% 3.42% 3.34% 4.36%
Change from last week: +0.02 N/C +0.04 -0.07
Monthly payment: $826.26 $1,173.08 $726.27 $3,117.50
Change from last week: +$1.95 N/C +$3.65 -$25.75
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Monte Bergeron
September 21, 2014 at 9:45 am

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