Mortgage rates were mixed in the Dallas area this week.
Key 30-year rate stays flat in Dallas
According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Dallas area remained constant at 3.73%. The local rate was higher than the national rate of 3.64%.
This week, the mortgages averaged 0.53 discount and origination points.
"With the most popular mortgage rate standing still, 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 unchanged, holding at $762.27.
Other Dallas mortgage types fall
Conversely, the average rate for 30-year jumbo mortgages, fell this week, down 3 basis points to 3.66%. 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 slipped 2 basis points as well, dropping to 2.92%. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates trending down, dipping $1.58 to $1,133.12.
"The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this decrease in the 15-year fixed, a refinance will be more attractive to some homeowners," Lewis says.
The benchmark 5/1 adjustable-rate mortgage rate slid to 3.02% this week, a drop of 7 basis points. 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 10/26/2016. 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:||3.73%||2.92%||3.02%||3.66%|
|Change from last week:||N/C||-0.02||-0.07||-0.03|
|Change from last week:||N/C||-$1.58||-$6.22||-$7.05|