Mortgage rates in Dallas didn't move much this week. Meanwhile, home prices are soaring in the area.
This week's rates
The benchmark 30-year fixed-rate mortgage in Dallas remained at 4.32 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.21 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.26 percent.
Home prices are on the rise
The median sales price of a home in Dallas jumped by 12 percent during the first half of 2014 from the year prior, according to a new report from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.
Some neighborhoods in the area have even seen prices increase 20 percent or 30 percent this year, notes the report.
But that appreciation in home prices is surprising many economists and housing analysts, notes The Dallas Morning News. Indeed, most experts think the increase in home prices has to slow.
The benchmark 15-year fixed-rate mortgage rose to 3.45 percent from 3.43 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.41 percent from 3.38 percent, while the 30-year fixed-rate jumbo, for loans of $417,000 and more, fell to 4.39 percent from 4.41 percent.
Shop mortgage rates in your area.
Weekly mortgage survey
|Results from Bankrate's July 23 survey of mortgage lenders. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $417,000 in Dallas.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||4.32%||3.45%||3.41%||4.39%|
|Change from last week:||N/C||+0.02||+0.03||-0.02|
|Change from last week:||N/C||+$1.62||+$2.75||-$4.92|