Mortgage rates in Dallas rose this week. And home prices in the area could be leveling off.
The benchmark 30-year fixed-rate mortgage in Dallas rose to 4.63 percent from 4.46 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.37 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.55 percent.
The Dallas area saw some major home price jumps over the summer, but price gains now seem to be leveling off. In September, home prices rose 9 percent from a year prior, according to the latest Standard & Poor's/Case-Shiller Home Price Index. That isn't a bad gain, but it's the same as in August, notes The Dallas Morning News.
In addition, from August to September, home prices only rose by 0.2 percent. Prices rose 0.6 percent from July to August.
Many people expected the market to slow after a very active summer. And higher mortgage rates may have slowed the market as well, according to the Morning News.
The benchmark 15-year fixed-rate mortgage rose to 3.7 percent from 3.5 percent. The benchmark 5/1 adjustable-rate mortgage jumped to 3.65 percent from 3.42 percent, while the 30-year fixed-rate jumbo, for loans of $417,000 and more, rose to 4.5 percent from 4.31 percent.
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Weekly mortgage survey
|Results from Bankrate's Dec. 4 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:||4.63%||3.70%||3.65%||4.50%|
|Change from last week:||+0.17||+0.20||+0.23||+0.19|
|Change from last week:||+$16.87||+$16.40||+$21.55||+$47.34|