Mortgage rates in Dallas jumped this week. Meanwhile, prospective homebuyers in the area are having trouble finding a home.
The benchmark 30-year fixed-rate mortgage in Dallas rose to 4.46 percent from 4.45 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 4.48 percent.
Due to a lack of homes on the market, home sales are falling in the Dallas area. In fact, listings are down by more than 10 percent from the first quarter of 2013, according to The Dallas Morning News.
That's sending home prices sky-high in some Dallas-area neighborhoods, causing prospective buyers to scramble for a home, notes the Morning News.
The benchmark 15-year fixed-rate mortgage jumped to 3.53 percent from 3.5 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.66 percent from 3.65 percent, while the 30-year fixed-rate jumbo, for loans of $417,000 and more, rose to 4.44 percent from 4.41 percent.
Shop mortgage rates in your area.
Weekly mortgage survey
|Results from Bankrate's April 23 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:||4.46%||3.53%||3.66%||4.44%|
|Change from last week:||+0.01||+0.03||+0.01||+0.03|
|Change from last week:||+$0.98||+$2.44||+$0.93||+$7.41|