Co-op/condo mortgage rates continued free fall in February.A weakening economy sent 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 plummeting again in February. So reports 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 according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. its February 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, both of the two most popular fixed-rate mortgage products dropped during the month as did all five of the 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 slipped to 6.75% from 6.875% and 30-year fixed rates dipped from 7.125% to 7%. In the adjustable mortgage category, one-year adjustables fell from 6.5% to 6.375%; three-year products decreased from 7% to 6.875%; five-year adjustables dropped to 6.875% from 7%; seven-year adjustable loans decreased to 7.125% from 7.25% and ten-year adjustables fell to 7.25% from 7.375%. "Bad economic news is good news for bonds and therefore good news for mortgage rates," noted Manhattan Mortgage Company 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. Melissa Cohn, who reports that rates have fallen by more than a half-point in the past three months. In terms of loan preferences, The Manhattan Mortgage Company survey reported that 32% of co-op/condominium borrowers chose five-year adjustable rate mortgages in February while 30-year fixed rate mortgages accounted for 38% of the marketplace. |
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