For the most part, mortgage rates in Dallas moved up this week. And it's a little rough for buyers in the Dallas market right now.
This week's rates
The benchmark 30-year fixed-rate mortgage in Dallas rose to 4.39 percent from 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 0.22 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.33 percent.
Tough market for Dallas buyers
Prospective buyers in the Dallas market may be having a little trouble finding a great deal on a home right now. Home prices are close to all-time highs and inventory is low, notes CBS Dallas-Fort Worth.
The Dallas Builders Association estimates that 32,000 to 33,000 new building permits need to be issued each year just to keep up with housing demand. Yet only 24,646 were issued in 2013, which is a big reason buyers may be coming up short on housing, notes CBS.
The benchmark 15-year fixed-rate mortgage rose to 3.5 percent from 3.45 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.54 percent from 3.44 percent, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, fell to 4.25 percent from 4.31 percent.
Shop mortgage rates in your area.
Weekly mortgage survey
|Results from Bankrate's Sept. 24 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:||4.39%||3.50%||3.49%||4.25%|
|Change from last week:||N/C||N/C||-0.05||-0.06|
|Change from last week:||N/C||N/C||-$4.59||-$14.62|