Mortgage rates decreased in Houston this week. Meanwhile, home sales in the city are dropping, the Houston Business Journal reports.
According to the latest monthly report from the Houston Association of Realtors, home sales fell 10.2% year over year in October. Only 5,873 homes sold in October, compared with 6,541 last year. The condo and townhome market saw the greatest decline, with sales falling 17.3% in October.
The organization blamed the low numbers on the fall in the price of oil, as well as the usual fall seasonal slowdown, the Journal notes.
This week's rates
The benchmark 30-year fixed-rate mortgage in Houston inched down to 4.08% from 4.1%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.7 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.07%.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, fell to 3.98% from 4.03%. The benchmark 15-year fixed-rate mortgage dipped to 3.4% from 3.43%. The benchmark 5/1 adjustable-rate mortgage dropped to 3.33% from 3.4%.
Weekly mortgage survey
|Results from Bankrate's Nov. 24 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 Houston.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||4.08%||3.4%||3.33%||3.98%|
|Change from last week:||-0.02||-0.03||-0.07||-0.05|
|Change from last week:||-$1.91||-$2.42||-$6.36||-$11.99|