Printer Friendly

Co-op/condo mortgage rates plummet in June.

After falling in May, interest rates for New York luxury co-ops and condominiums spiraled downwards to historic new lows in June.

So reports the Manhattan Mortgage Company, a leading specialist in co-op, condominium and private home residential financing, which surveys and analyzes New York mortgage rates and borrower preferences on a monthly basis.

According to its June report, which is based on data from 10 major lending institutions, all serving the New York residential marketplace, rates for the three leading fixed-rate mortgages and the three most popular adjustable rate mortgages reached 20-year lows after falling across-the-board in June.

In the fixed-rate category, 15-year fixed-rate mortgages fell from 8.5 percent to 8.25 percent, 30-year fixed-rate mortgages dropped from 8.875 percent to 8.50, and seven-year fixed-rate mortgages plummeted from 8.375 percent to 7.875 percent.

In the adjustable mortgage category, one-year adjustables fell from 6.125 percent to 6.75 percent, three-year adjustables dipped from 7.875 percent to 7.375 percent and five-year adjustables dropped from 8.125 percent to 7.50 percent.

According to Melissa Cohn, partner of the Manhattan Mortgage Company, the across-the-board declines in June's interest rates can be attributed to falling housing starts, rising unemployment, the impending election and a host of indicators that showed the predicted economic recovery was losing ground.

"Lowering interest rates is one of the government's most effective tools to stimulate a stalled economy," said Cohn. "With interest rates at historic lows, many homeowners are refinancing mortgages and buyers have an excellent opportunity to lock into the lowest rates in 20 years."

In terms of loan preferences, The Manhattan Mortgage Company survey reported that 33 percent of co-op/condominium borrowers chose 30-year, fixed-rate mortgages in April, while one-year adjustable-rate mortgages accounted for 30 percent of the marketplace.
COPYRIGHT 1992 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:cooperative tenancies and condominiums; June 1992
Publication:Real Estate Weekly
Date:Aug 5, 1992
Previous Article:C&W sells property for $9.2M.
Next Article:Muss reports 85% occupancy at light industry center.

Related Articles
Yale Robbins debuts guide on Manhattan co-ops/condos.
Interest rates for co-ops, condos at new low in July.
What is CIRA and what does it mean for co-ops?
Co-op/condo mortgage rates plummet in August in NYC.
Condo, co-op sales are on the rise.
Manhattan condos commanding higher prices than co-ops.
Winter & Company Commercial.
Real Financing Estate.
Loans arranged as housing market picks up speed.
Winoker launches new division.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters