Printer Friendly

Co-op/condo mortgage rates rising.

As the century ended, economic euphoria continued and the result was higher mortgage rates for New York luxury co-ops and condominiums in December.

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 December report, which is based on data from over 30 major lending institutions, 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.

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 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.
COPYRIGHT 2000 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2000, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Feb 2, 2000
Words:271
Previous Article:Countrywide Home Loans.
Next Article:Cronheim, Estreich finance 300 Park.
Topics:


Related Articles
Co-op/condo mortgage rates plummet in August in NYC.
Co-op/condo mortgage rates rise dramatically.
NCB reaches billion dollar mark financing 20,000 units.
Co-op/condo mortgage rates continue to rise.
Co-op/condo mortgage rates continued free fall in February.
Real Financing Estate.
Real financing estate.
Finance: real estate.
Meridian Capital Group procured a new mortgage in the amount of $27 million for an 899-unit, two-story co-op complex on Springfield Boulevard in...

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters