Mortgage rates dip again for co-ops/condos in March.After reaching new lows in February, interest 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 to fall in March. 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 March report, which is based on data from 10 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, rates dropped for the three leading fixed-rate mortgages and one of the three most popular 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 dropped from 7.25 percent to 7 percent, 30-year fixed-rate mortgages fell from 7.875 percent to 7.625 percent, and sevenyear fixed-rate mortgages declined from 7.125 percent to 7 percent. In the adjustable mortgage category, one-year adjustables dropped from 5 percent to 4.75 percent, while threeyear adjustables remained at 6.375 percent and five-year adjustables stayed at 7 percent. According to Melissa Cohn, partner of the Manhattan Mortgage Company, the big news is not necessarily the decline in March mortgage rates but the way first time buyers and owners who are refinancing are selecting rates. She says that many buyers are now choosing a 10-year fixed rate now available at 6.625 percent that has only recently become an affordable option. In terms of loan preferences, The Manhattan Mortgage Company survey reported that 35 percent of co op/condominium borrowers chose oneyear adjustable-rate mortgages Adjustable-rate mortgage (ARM) A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or in February, while 30-year fixed-rate mortgages accounted for 34 percent of the marketplace. |
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