Adjustable rates also declined. One-year mortgages fell from 7% to 6.875%, three-year products declined from 7.875% to 7.625% and five-year mortgages slipped from 8% to 7.87%. Seven-year adjustables went from 8.25% to 8.125%, and 10-year adjustables averaged 8.25% compared to 8.375% in July.
Of all these mortgage options, co-op and condo buyers clearly favored the five-year adjustable; 39% signed for them. The 30-year fixed came in second, garnering 26% of the market.
Data for the report was collected from more than 30 lending institutions serving the New York-area residential market.
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