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|
|Change from last week:||N/C||+$1.58||-$1.76||+$28.50|