Multiple benchmark mortgage rates fell in the Dallas area this week.
Benchmark 30-year rate declines in Dallas
The average rate on the benchmark 30-year fixed-rate mortgage rate for the Dallas area slid to 4.34 percent, according to Bankrate's national survey of large lenders. While the local rate was down 7 basis points from last week, it still topped the national average rate of 4.29 percent. A basis point is one-hundredth of 1 percentage point.
For mortgages in this week's survey, there were an average of 0.49 discount and origination points.
"The drop in the 30-year fixed will benefit those who waited to lock on a rate, as their decision paid off," says Holden Lewis, Bankrate's senior mortgage analyst.
Monthly payments on a hypothetical $165,000 mortgage slid to $820.42, decreasing $6.78 from last week, corresponding with the decline in mortgage rates.
No clear direction for other Dallas mortgage types
Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Dallas area, that limit is $424,100.
The average rate for 15-year fixed-rate mortgages held steady at 3.45 percent. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, remaining at $1,175.51.
"The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates staying put doesn't help or hurt for refinancers thinking about locking soon," Lewis says.
The benchmark 5/1 adjustable-rate mortgage rate dropped 4 basis points this week, dropping to 3.50 percent. The most common type 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 2/22/2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $424,100 in the Dallas area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||4.34%||3.45%||3.50%||4.34%|
|Change from last week:||-0.07||N/C||-0.04||-0.10|
|Change from last week:||-$6.78||N/C||-$3.68||-$24.89|
Methodology: The "Bankrate.com National Average," or "national survey of large lenders," is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We've conducted this survey in the same manner for more than 30 years, and because it's consistently done the way it is, it gives an accurate national apples-to-apples comparison.
To learn more about the different rate averages Bankrate publishes, see "Understanding Bankrate's Rate Averages."