Mortgage rates barely budged in Houston this week. Meanwhile, construction is underway for Tiger Woods' first golf course community, located about 45 minutes north of the city, the Houston Business Journal reports.
The resort community, named Bluejack National, sits on 755 acres and will feature the first golf course designed by Tiger Woods in the U.S. The site is planned specifically for its 500 golf members, each of whom will pay a $75,000 to $125,000 initiation fee.
Bluejack National will have 386 luxury homes varying in design from duplexes to cottages to patio-style homes, and intended to appeal to empty-nesters, young families and weekend visitors. Prices will range from mid-$300,000 for a duplex condo, to over $1 million for patio-style, five-bedroom homes next to the golf course, the Journal reports.
The benchmark 30-year fixed-rate mortgage in Houston inched up to 3.75 percent from 3.73 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.66 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.79 percent.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, remained at 3.98 percent. The benchmark 15-year fixed-rate mortgage rose to 3.03 percent from 3 percent. The benchmark 5/1 adjustable-rate mortgage remained at 3 percent.
Weekly mortgage survey
|Results from Bankrate's April 22 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:||3.75%||3.03%||3%||3.98%|
|Change from last week:||+0.02||+0.03||N/C||N/C|
|Change from last week:||+$1.87||+$2.39||N/C||N/C|