Mortgage rates decreased this week in Houston. Meanwhile, rental rates in the city are among the most affordable in the nation for recent college graduates, CultureMap Houston reports.
Real estate website Trulia conducted a study to find the most affordable cities for recent college graduates based on whether the total monthly payment for rent and insurance is less than 31 percent of the metro area’s median income. Houston ranked No. 3 in affordability, surpassed by Dallas at No. 2 and St. Louis at No. 1.
In Houston, 10.4 percent of rental units have a maximum monthly rental price of $746, making them affordable, according to Trulia.
The benchmark 30-year fixed-rate mortgage in Houston dropped to 4.03 percent from 4.11 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.64 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4 percent.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, sunk to 4.15 percent from 4.28 percent. The benchmark 15-year fixed-rate mortgage fell to 3.23 percent from 3.29 percent. The benchmark 5/1 adjustable-rate mortgage remained at 3.15 percent.
Weekly mortgage survey
|Results from Bankrate's May 27 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:||4.03%||3.23%||3.15%||4.15%|
|Change from last week:||-0.08||-0.06||N/C||-0.13|
|Change from last week:||-$7.61||-$4.80||N/C||-$31.42|