Mortgage rates fell this week in New York City. Meanwhile, the Big Apple dominates Forbes' annual list of "America's Most Expensive ZIP Codes" with six among the top 10.
Data for the list is provided by Altos Research, a California-based real estate analysis firm. It calculates the median home price for more than 28,500 ZIP codes (which covers 95 percent of the nation's population) using asking prices for single-family homes and condominiums.
The benchmark 30-year fixed-rate mortgage in the New York metro area dropped to 4.16 percent from 4.26 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.11 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.01 percent.
The six NYC ZIP codes on the list were Long Island's Sagaponack at second; Lower Manhattan third; Upper East Side fourth and fifth; Chelsea and Hell's Kitchen eighth; SoHo at ninth; and Greenwich Village rounding out the list.
The No. 1 spot was Atherton, California, for the second year running, with the least expensive home on the market priced at nearly $1.5 million. Furthermore, the median price this summer in Atherton was more than $9 million, Forbes reported.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, decreased to 4.1 percent from 4.19 percent. The benchmark 15-year fixed-rate mortgage sunk to 3.21 percent from 3.36 percent. The benchmark 5/1 adjustable-rate mortgage tumbled to 3.05 percent from 3.23 percent.
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Weekly mortgage survey
|Results from Bankrate's Oct. 15 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:||4.16%||3.21%||3.05%||4.10%|
|Change from last week:||-0.10||-0.15||-0.18||-0.09|
|Change from last week:||-$9.58||-$11.97||-$15.97||-$32.57|