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Mortgage rates in Houston

By Claes Bell · Bankrate.com
Thursday, June 22, 2017
Posted: 10 am ET

Mortgage rates diverged in the Houston area this week.

Key 30-year rate declines in Houston

According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Houston area fell to 4.06 percent. While the local rate was down 3 basis points from last week, it still exceeded the national average rate of 4.05 percent. A basis point is one-hundredth of 1 percentage point.

In this week's survey, the mortgages had an average of 0.35 discount and origination points.

Monthly payments on a hypothetical $165,000 mortgage slid to $793.45, decreasing $2.86 from last week, corresponding with the slip in mortgage rates.

No clear direction for other Houston mortgage types

The average rate for 30-year jumbo mortgages fell this week, down 3 basis points to 4.23 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Houston area, that limit is $424,100.

The average rate for 15-year fixed-rate mortgages stayed constant, remaining at 3.35 percent. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, remaining consistent at $1,167.44.

The benchmark 5/1 adjustable-rate mortgage rate ticked upward 4 basis points this week, increasing to 3.49 percent. 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.

Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate's survey of mortgage lenders conducted June 21, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $424,100 in the Houston area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week's rate: 4.06% 3.35% 3.49% 4.23%
Change from last week: -0.03 N/C +0.04 -0.03
Monthly payment: $793.45 $1,167.44 $740.00 $2,081.35
Change from last week: -$2.86 N/C +$3.69 -$7.43

Methodology: The "Bankrate.com National Average," or "national survey of large lenders," is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We've conducted this survey in the same manner for more than 30 years, and because it's consistently done the way it is, it gives an accurate national apples-to-apples comparison.

To learn more about the different rate averages Bankrate publishes, see "Understanding Bankrate's Rate Averages."

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