Mortgage rates in Dallas were mixed this week. And according to a new report, there's a housing crunch in the city.
This week's rates
The benchmark 30-year fixed-rate mortgage in Dallas remained at 3.75 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.72 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.8 percent.
Low inventory and high prices in Dallas
Prospective homebuyers in Dallas could find it tough, and expensive, to purchase a home in the area.
There's only about a two-month supply of homes, notes The Dallas Morning News. Six months of inventory is normal.
Home prices rose by 12 percent in 2014 from 2013, one of the biggest increases on record, notes the Morning News.
The benchmark 15-year fixed-rate mortgage fell to 3.13 percent from 3.58 percent. The benchmark 5/1 adjustable-rate mortgage dropped to 3.42 percent from 4.09 percent, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, rose to 4.28 percent from 4.19 percent.
Weekly mortgage survey
|Results from Bankrate's Jan. 28 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:||3.75%||3.13%||3.42%||4.28%|
|Change from last week:||N/C||-0.45||-0.67||+0.09|
|Change from last week:||N/C||-$35.57||-$59.98||+$22.07|