Mortgage rates increased this week in Houston. Meanwhile, Houston placed third on Forbes' list of Best Buy Cities for 2015, according to Culture Map Houston.
Forbes and data company Local Market Monitor looked at 105 of the nation's largest metro areas to determine the top 20 housing markets to invest in this year based on housing prices, population growth, diversified economies and job growth. Five of the top 10 were in Texas: No. 1 is Austin, Houston placed No. 3, Dallas No. 5, San Antonio No. 6 and Fort Worth No. 10. The only other state with multiple cities on the list was Florida; however, only one cracked the top 10 -- Orlando at No. 4.
The average home price in Houston is $214,049, according to the Local Market Monitor survey, while job growth is predicted to be 4.1 percent annually. Houston's housing market is still underpriced by 7 percent, according to the survey.
The benchmark 30-year fixed-rate mortgage in Houston grew to 3.83 percent from 3.8 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.47 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.81 percent.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, surged to 4.15 percent from 4.05 percent. The benchmark 15-year fixed-rate mortgage inched up to 3.2 percent from 3.18 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.18 percent from 3.13 percent.
Weekly mortgage survey
|Results from Bankrate's Jan. 21 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:||3.83%||3.2%||3.18%||4.15%|
|Change from last week:||+0.03||+0.02||+0.05||+0.1|
|Change from last week:||+$2.83||+$1.60||+$4.51||+$24.34|