Mortgage rates mostly fell this week in Houston. Meanwhile, as the population grows and inventory shrinks, home prices in the area continue to rise, the Houston Business Journal reported.
According to a report by Trulia, over the past year home prices in Houston saw the largest increase in the nation. In July, the city realized a 10.4 percent rise year over year, the online real estate company noted. The national average was 7.8 percent.
The benchmark 30-year fixed-rate mortgage in Houston inched down to 4.28 percent from 4.3 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.52 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.27 percent.
Houston's home prices ranked 24th highest among 100 metro areas nationally, according to Trulia. The greatest increase in home listing prices was found in Riverside-San Bernardino, Calif., with a 15 percent hike. Three other Texan cities landed on the top 100 list -- Austin, Dallas and San Antonio.
The report also found rents rose in Houston but not as drastically as home prices. The median rent for a two-bedroom apartment in the city in July was $1,500, a 4.2 percent increase from last year. The city placed 21st among the country's top 25 largest metro areas in apartment rent hikes.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, decreased to 4.28 percent from 4.34 percent. The benchmark 15-year fixed-rate mortgage dipped to 3.43 percent from 3.45 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.35 percent from 3.28 percent.
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Weekly mortgage survey
|Results from Bankrate's Aug. 13 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:||4.28%||3.43%||3.35%||4.28%|
|Change from last week:||-0.02||-0.02||+0.07||-0.06|
|Change from last week:||-$1.93||-$1.62||+$6.40||-$14.65|