NEW YORK CITY-While the US economy keeps expanding, the housing sector is showing signs of cooling off, judging from recent declines in mortgage rates here. The August report of the Manhattan Mortgage Co., a co-op, condo and home finance firm, reveals that the 15-year fixed-rate mortgage declined from 8% to 7.875% during the month, and 30-year fixed-rates fell from 8.5% to 8.25%.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.