Posted October 09, 2018 05:05:31For a city to have the lowest interest rate on its mortgage is considered a “burden” of the city, according to real estate lawyer Jeff Friese.
That’s why the city of Miami, Florida, has one of the highest rates in the nation.
And the median home price in Miami is $240,000.
The average mortgage in Miami in 2017 was $300,000, according the Real Estate Board of Miami.
The average mortgage rate in Miami increased by 11.3% from $202,500 in 2016 to $249,000 in 2017, according data from the Federal Reserve Bank of New York.
The city has also had a mortgage rate of 7.5% on the last six years, according Frieser, who also runs the Realty Consulting Group.
The other cities with the highest average rates are San Diego, Calif., New York City, and Los Angeles, Calif.
Mortgage rates have historically been volatile.
When the housing market was booming in the early 2000s, the national average mortgage was 10.3%.
But the Great Recession made the market more competitive.
Today, the average national mortgage rate is about 3.5%, according to the National Association of Realtors.
“The mortgage rate can be a very useful tool in analyzing a city,” Fries, who specializes in mortgages, said.
“If you look at a city with a high average mortgage, you’ll see that it has the highest rate in the country.
But it’s also the highest percentage of people in the city who are paying a mortgage.
You’ll also see that there are fewer people in a city that has a high rate.”
Mortgages in Miami, for instance, average $300 per month for a 30-year fixed rate mortgage.
That is $10,000 less than the national median mortgage, according a report by real estate research firm RealHomeScore.
Frieses said the average home price of $200,000 for a home in Miami was the second highest in the U.S. in 2017.
The median home sale price in 2017 in Miami-Dade County was $216,600, according Realtor.com.
Miami has also been the No. 1 market for condos, with a median listing price of more than $1 million.
In 2018, the median price of a condo in Miami County was about $1.4 million.
“I think it’s very telling that the median sale price is $1,400,000 and the median purchase price is more than triple the national level,” Fieser said.