According to bank rate's official website, the mortgage rates in Florida have rapidly changed over the past week. This was due to the new Miami River project which has two new constructions in charge. One would be the self-storage building and another one will be rooftop restaurant. The building will be of seven floors with the rooftop restaurant and an elevator. This was reported by the Real Deal. Now have a look at the changes that occurred in the last week:
15-Year fixed mortgage:
In Miami, Florida, the benchmark 15-year fixed mortgage was raised from 3.17% to 3.21%. As the change from the last week is +0.02 according to the present rate, this will not affect the market prices. But the monthly payment has increased quite a bit (+$1.62) which is now $1,173.89. Otherwise there is not much change in this category.
30-Year jumbo mortgage:
Well, when it comes to 30-year jumbo, the rates have been fallen rapidly and this is surely going to affect the lenders. For loans of $417,000 and up the expat rates were decreased from 4.58% to 4.33%. This change was 0.25% from the last week. The monthly payment is $2,070.97 which is cut down by $60.86 is a huge change.
30-year fixed and 5-year ARM:
There was no change seen in these two mortgages since the last week. For 30-years fixed the rate is 4.25% and for 5-year ARM the rate is 3.38% which are unchanged. And the monthly payment is $811.70 and $729.92 respectively. These mortgage rates in Florida were reported by the bank rate's official website when they conducted a survey.
All the plans mentioned above are selected according to your requirement. So if you fall anyone these categories, it is important for you to know the present market changes to avoid problems in future. If you are looking forward to take a mortgage, plan here according to the market changes!