NYC co-op/condo rates continue upward spiral.Impacted by rising bond yields, mortgage rates for New York New York, state, United StatesNew 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 spiral upward last month, 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. The Manhattan Mortgage Company, a 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 latest 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 three of the 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 8 percent from 7.75 percent, while 30-year fixed rates increased from 8.125 percent to 8.25 per cent. In the adjustable mortgage category, one-year adjustables climbed from 6.375 percent to 6.5 percent; seven-year products rose from 7.625 percent to 7.75 percent; and 10-year adjustables increased to 7.875 percent from 7.75 percent. Five-year adjustable loans averaged 7.375 percent for November, compared to 7.5 percent for the previous month, while three year adjustables held at 7.125 percent. "As long as the economy shows no sign of slumping, interest rates will keep moving upward," said 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 noted that "virtually all November indicators pointed to an expanding economy." In terms of loan preferences, The Manhattan Mortgage Company survey reported that 34 percent of co-op/condominium borrowers chose five-year adjustable rate mortgages in November, while 30-year fixed-rate mortgages accounted for 26 percent of the marketplace. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion