Co-op/condo mortgage rates rising.As the century ended, economic euphoria continued and the result was higher 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 in December. 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 December 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 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 climbed to 8.125 percent from 8 percent, while 30-year fixed rates increased from 8.25 percent to 8.375 percent. In the adjustable mortgage category, one-year adjustables climbed from 6.5 percent to 6.75 percent; three-year products rose from 7.125 percent to 7.375 percent; five-year adjustables increased to 7.625 percent from 7.375 percent; seven-year adjustable loans increased to 7.875 percent from 7.75 percent; and 10-year adjustables averaged 8 percent compared to 7.875 percent in November. "The strong performance of both the economy and stock market has sent the bond market skidding and mortgage rates spiraling," asserted 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 believes that "this trend will continue as long as the economy keeps expanding." In terms of loan preferences, The Manhattan Mortgage Company survey reported that 29 percent co-op/condominium borrowers chose five-year adjustable rate mortgages in December, while 30-year fixed rate mortgages accounted for 24 percent of the marketplace. |
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