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Mortgage rates in Dallas, Texas

By Claes Bell · Bankrate.com
Wednesday, July 20, 2016
Posted: 9 pm ET

Mortgage rates didn't move in the Dallas area this week.

Key 30-year rate remains unchanged

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 3.64%. The local rate was more than the national rate of 3.60%.

The mortgages in the survey for this week had an average of .55 discount and origination points.

"With the most popular mortgage rate doing a whole lot of nothing, 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 mortgages were also steady, holding at $753.87.

Other mortgage types mixed

The average rate for 30-year jumbo mortgages went in the other direction this week, rising 12 basis points to 3.75%. Jumbo loans are used for mortgages beyond limits set by the Federal Housing Finance Agency that can fall anywhere from $417,000 all the way up to $625,000, depending on the location.

The average rate for 15-year fixed-rate mortgages grew 2 basis points as well, reaching 2.86%. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates down, dropping $1.77 to $683.25.

"Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less beneficial than it would have been before the rate rise," Lewis says.

The benchmark 5/1 adjustable-rate mortgage rate diminished to 2.86% this week, a drop of 2 basis points. 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 July 20 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: 3.64% 2.86% 2.86% 3.75%
Change from last week: N/C +0.02 -0.02 +0.12
Monthly payment: $753.88 $1,128.38 $683.25 $1,931.19
Change from last week: N/C +$1.58 -$1.76 +$28.50
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