Mortgage rates moved in different directions in the Dallas area this week.
Key 30-year rate remains unchanged in Dallas
The average rate on the benchmark 30-year fixed-rate mortgage rate for the Dallas area stood at 3.67%, according to Bankrate's national survey of large lenders. The local rate topped the national rate of 3.62%.
In this week's survey, the mortgages had an average of 0.49 discount and origination points.
"With the most popular mortgage rate frozen in place, it's neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate," says Holden Lewis, Bankrate's senior mortgage analyst.
Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also constant, remaining at $756.67.
Other Dallas mortgage types mixed
The average rate for 30-year jumbo mortgages also didn't register a change this week, remaining at 3.69%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency -- for the Dallas area, that limit is $417,000.
The average rate for 15-year fixed-rate mortgages grew to 2.92%, climbing 6 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage moved upward with rates, increasing $4.75 to $1,133.12.
"Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less lucrative than it would have been before the rate rise," Lewis says.
The benchmark 5/1 adjustable-rate mortgage rate declined 3 basis points this week, falling to 3.02%. The most common variety of variable-rate mortgage, 5/1 ARMs allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.
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Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted 9/21/2016. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $417,000 in the Dallas area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||3.67%||2.92%||3.02%||3.69%|
|Change from last week:||N/C||+0.06%||-0.03%||N/C|
|Change from last week:||N/C||+$4.75||-$2.67||N/C|