Mortgage rates dropped this week in Houston. Meanwhile, the city had its strongest month ever for home sales this July, Culture Map Houston reports.
According to the Houston Association of Realtors, or the HAR, for the 1st time ever, more than 8,000 homes sold in a single month. July had a total of 8,147 single family home sales. This is unusual, as Houston home sales have reached the 7,000 mark only a few times over the years.
HAR says that total home sales in Houston are up slightly from last year, with July having almost a 7% gain over the same month last year. Prices are also rising, with the average price of a single-family home sold in July at $293,790, a 6% increase from last year.
This week's rates
The benchmark 30-year fixed-rate mortgage in Houston dipped to 4.1% from 4.13%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.41 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.03%.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, fell to 3.98% from 4.08%. The benchmark 15-year fixed-rate mortgage sunk to 3.23% from 3.33%. The benchmark 5/1 adjustable-rate mortgage plummeted to 3.03% from 3.25%.
Weekly mortgage survey
|Results from Bankrate's Aug. 26 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:||4.1%||3.23%||3.03%||3.98%|
|Change from last week:||-0.03||-0.1||-0.22||-0.1|
|Change from last week:||-$2.87||-$8||-$19.47||-$23.94|