HURRY – INTEREST RATES ARE SURGING! 30-Year Mortgage Rate Exceeds 3% for First Time Since Last Summer

mortgage rates in miami florida and the benefits of a condo vs a home

The window to take advantage of favorable interest rates to purchase a new residence is rapidly closing. Buyers must act quickly to avoid significant increases in monthly mortgage payments.

Last week, the average rate on a 30-year fixed-rate mortgage jumped to 3.02%, according to Freddie Mac, as cited by the Wall Street Journal. This marks the first time the rate eclipsed 3% since July 2020. It is also the fifth consecutive week the benchmark rate increased or stayed flat.

“Higher interest rates translate into larger monthly payments,” the WSJ article states.

In Miami, the combination of rising interest rates, soaring home prices and lack of single-family inventory make condominiums the best opportunity for today’s buyers to purchase a residence in the area at a reasonable value. With that in mind, now is the ideal time for single-family owners to cash in by selling their homes at the top of the market and upgrade their lifestyle in a brand-new condominium at Merrick Manor in Coral Gables.

For instance, Merrick Manor’s limited inventory of move-in ready, never before lived in condos includes Residence 718, a one-bedroom, one-bathroom model that is available for $499,990. Where else can you find a move-in ready, designed and furnished luxury one-bedroom in the City Beautiful for under $500,000?

Click here to take a virtual tour of Residence 718

Located at 301 Altara Avenue, the 10-story, 227-residence Merrick Manor’s pet-friendly amenities and lifestyle truly cannot be beat. Merrick Manor also has a Zillow Walk Score of 77, making it “very walkable.”

Berkshire Hathaway HomeServices EWM Realty is the exclusive residential sales and marketing representative for Merrick Manor.

For more information about the residences at Merrick Manor, visit the Sales Gallery on the ground floor of the building at 301 Altara Ave., Coral Gables, FL 33146 – or contact the Berkshire Hathaway HomeServices EWM Realty team by calling (305) 779-6870. The Sales Gallery is open from 10 a.m. to 6 p.m. on Monday through Friday and from 11 a.m. to 5 p.m. on Saturday and Sunday.

For more information about the Commercial spaces at Merrick Manor please call ONE Sotheby’s Manny Chamizo III (786) 486-6655.