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Mortgage rates in Houston

By Claes Bell · Bankrate.com
Thursday, April 20, 2017
Posted: 9 am ET

Several key mortgage rates declined in the Houston area this week.

Benchmark 30-year rate shows decline 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 ticked downwards to 4.16 percent. Down 5 basis points from last week, the local rate was equal to the national average rate. A basis point is one-hundredth of 1 percentage point.

In this week's survey, the mortgages had an average of 0.43 discount and origination points.

"The drop in the 30-year fixed is cause for celebration among those who waited to lock on a rate, as their decision paid off," says Holden Lewis, Bankrate's senior mortgage analyst.

Monthly payments on a hypothetical $165,000 mortgage fell to $803.03, slipping $4.80 from last week, corresponding with the slip in mortgage rates.

Other Houston mortgage types fall

The average rate for 30-year jumbo mortgages fell this week, down 4 basis points to 4.44 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 ticked downwards to 3.45 percent, falling 6 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates down, decreasing $4.85 to $1,175.51.

"The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this decrease in the 15-year fixed, a refinance will be more beneficial to some homeowners," says Lewis.

The benchmark 5/1 adjustable-rate mortgage rate declined 1 basis point this week, slipping to 3.45 percent. The most common type 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 April 19, 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: 4.16% 3.45% 3.45% 4.44%
Change from last week: -0.05 -0.06 -0.01 -0.04
Monthly payment: $803.03 $1,175.51 $736.33 $2,133.76
Change from last week: -$4.80 -$4.85 -$0.92 -$10.03

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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