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Mortgage rates in Houston, Texas

By Clare Mallen · Bankrate.com
Thursday, July 24, 2014
Posted: 12 pm ET

Mortgage rates fluctuated this week in Houston. And the tallest residential tower in downtown will start to rise next month, reported the Houston Chronicle.

The Market Square project will boast 40 stories and 463 apartments, according to developer Woodbranch Investments Corp.

The benchmark 30-year fixed-rate mortgage in Houston held steady at 4.28 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.62 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.26 percent.

The apartments range wildly in size. On the compact end, you can rent a 550-square-foot space for as low as $2,000 per month. If size matters, you can rent 1,950 square feet complete with three bedrooms and three bathrooms for up to $5,800.

Job growth is driving the downtown housing demand, with employees clamoring to live near the office, the Chronicle reported.

The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, dipped to 4.28 percent from 4.31 percent. The benchmark 15-year fixed-rate mortgage rose to 3.45 percent from 3.4 percent. The benchmark 5/1 adjustable-rate mortgage increased to 3.43 from 3.35 percent.

Shop mortgage rates in your area.

Weekly mortgage survey

Results from Bankrate's July 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 Houston.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week's rate: 4.28% 3.45% 3.43% 4.28%
Change from last week: N/C +0.05 +0.08 -0.03
Monthly payment: $814.60 $1,175.51 $734.49 $2,058.72
Change from last week: N/C +$4.05 +$7.35 -$7.33
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