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Mortgage rates in Houston, Texas

By Claes Bell · Bankrate.com
Thursday, October 20, 2016
Posted: 10 am ET

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
Monthly payment: $759.47 $1,135.50 $713.57 $1,914.67
Change from last week: N/C N/C -$8.99 -$4.71
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