Mortgage rates increased in Houston this week. Meanwhile, The Galleria at Houston is poised for a $250 million transformation, PR Newswire announced.
The Galleria is Texas' largest shopping center and the fourth largest in the nation, according to its website. It is Houston’s most popular shopping and tourist destination, with over 26 million people visiting each year.
Included in the $250 million project is a $30 million renovation of the luxury wing, a new flagship Saks store, 110,000 square feet of new retail space and a free standing 14,000-square-foot retail building, according to PR Newswire. Work will begin this spring and new tenants, including The Webster, La Perla, Tod's and Celine, will join the existing 400 restaurants and retailers.
The benchmark 30-year fixed-rate mortgage in Houston grew to 3.98 percent from 3.95 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.65 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.93 percent.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, jumped to 4.18 percent from 4.08 percent. The benchmark 15-year fixed-rate mortgage rose to 3.28 percent from 3.25 percent. The benchmark 5/1 adjustable-rate mortgage climbed to 3.38 percent from 3.28 percent.
Weekly mortgage survey
|Results from Bankrate's March 4 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:||3.98%||3.28%||3.38%||4.18%|
|Change from last week:||+0.03||+0.03||+0.1||+0.1|
|Change from last week:||+$2.85||+$2.41||+$9.17||+$24.38|