Co-op/condo mortgage rates continue to rise.
Dogged by inflationary fears, mortgage rates for New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of luxury co-ops and condominiums continued their upward spiral last month, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. The Manhattan Mortgage Company, a leading specialist in co-op, condominium condominium
In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. and private home residential financing, which surveys and analyzes New York mortgage rates and borrower preferences on a monthly basis.
According to its most recent report, which is based on data from over 30 major lending institutions Noun 1. lending institution - a financial institution that makes loans
financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in , all serving the New York residential marketplace, the two most popular fixed-rate mortgage products rose during the month, as did all five leading adjustable rate mortgages This article is about the US mortgage type. For an international perspective, see Variable rate mortgage.
An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. .
In the fixed-rate category, 15-year fixed-rate mortgages climbed to 7.75 percent from 7.357 percent, while 30-year fixed rates increased from 8 percent to 8.25 percent.
In the adjustable mortgage category, one-year adjustables climbed from 6 percent to 6.375 percent; three-year products rose from 6.75 percent to 7.125 percent; five-year adjustables increased to 7.5 percent from 7.25 percent; seven-year loans averaged 7.625 percent compared to 7.5 percent the previous month; and 10-year adjustables went from 7.5 percent to 7.75 percent.
"A good economy is bad for interest rates," noted Melissa Cohn, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of The Manhattan Mortgage Company, who added that "virtually all indicators pointed to an expanding economy in October, while at the same time the dollar was weakening."
In terms of loan preferences, The Manhattan Mortgage Company survey reported that 32 percent of co-op/condominium borrowers chose five-year adjustable rate mortgages in October, while 30-year fixed rate mortgages accounted for 14 percent of the marketplace.
The Manhattan Mortgage Company is a full-service mortgage brokerage specializing in the financing of luxury residences in the metropolitan New York marketplace. A copy of its monthly mortgage survey is available at no charge by contacting its office at 555 Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. .