Mortgage rates in Dallas fell this week. Meanwhile, the Dallas commercial real estate market is firing on all cylinders, and it may not slow anytime soon.
This week's rates
The benchmark 30-year fixed-rate mortgage in Dallas fell to 4.14 percent from 4.19 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.51 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.12 percent.
The blazing hot commercial market
The commercial real estate market is booming in Dallas. Heavy population growth and job gains are pushing up the demand for commercial real estate in the area, according to The Dallas Morning News.
And there are no signs that the trend will end anytime soon, notes the Morning News.
Overall, Texas was the top commercial property market in the country last year, according to a report by NAIOP, the Commercial Real Estate Development Association.
The benchmark 15-year fixed-rate mortgage fell to 3.34 percent from 3.42 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.56 percent from 3.61 percent, while the 30-year fixed-rate jumbo, for loans of $417,000 and above, fell to 4.31 percent from 4.41 percent.
Weekly mortgage survey
|Results from Bankrate's July 22 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:||4.14%||3.34%||3.56%||4.31%|
|Change from last week:||-0.05||-0.08||-0.05||-0.1|
|Change from last week:||-$4.79||-$6.43||-$4.62||-$24.43|