Several closely-watched mortgage rates were flat in the Houston area this week.
Key 30-year rate flat in Houston
The average rate on the benchmark 30-year fixed-rate mortgage rate for the Houston area held at 3.70%, according to Bankrate's national survey of large lenders. The local rate eclipsed the national rate of 3.64%.
The mortgages in the survey for the current week had an average of 0.64 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 mortgage were also consistent, staying at $759.47.
Other Houston mortgage types mixed
Breaking ranks with the 30-year conventional mortgage, the average rate for 30-year jumbo mortgages fell this week, down 2 basis points to 3.68%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Houston area, that limit is $417,000.
The average rate for 15-year fixed-rate mortgages held put, at 2.95%. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, staying put at $1,135.50.
"The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates remaining the same doesn't mean much either way for refinancers thinking about locking soon," Lewis says.
The benchmark 5/1 adjustable-rate mortgage rate slid to 3.20% this week, a drop of 10 basis points. The most common variety of variable-rate mortgage, 5/1 ARMs allow property owners 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 survey of mortgage lenders conducted 10/19/2016. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $417,000 in the Houston area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||3.70%||2.95%||3.20%||3.68%|
|Change from last week:||N/C||N/C||-0.10||-0.02|
|Change from last week:||N/C||N/C||-$8.99||-$4.71|