Mortgage rates varied this week in Houston. Meanwhile, a top economist predicts that Houston real estate will outpace the national progression in 2015, according to Culture Map Houston.
A chief economist for the National Association of Realtors said that the Houston real estate market will continue to be strong in 2015 and home prices will continue to rise. The economist continued that as the economy improves, home prices around the country will rise around 4 percent in 2015, with Houston beating those numbers.
The benchmark 30-year fixed-rate mortgage in Houston dipped to 4.08 percent from 4.1 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.59 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.07 percent.
In October, Houston saw an all-time high in home prices. The median price for a single-family home was $192,000, with an average price of $262,013, Houston Association of Realtors reported. And the city added 120,000 new jobs in the last 12 months, creating a strong economy, as the real estate market continues to rise.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, grew to 4.23 from 4.2 percent. The benchmark 15-year fixed-rate mortgage fell to 3.3 percent from 3.35 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.25 percent from 3.15 percent.
Weekly mortgage survey
|Results from Bankrate's Dec. 3 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:||4.08%||3.30%||3.25%||4.23%|
|Change from last week:||-0.02||-0.05||+0.10||+0.03|
|Change from last week:||-$1.91||-$4.01||+$9.09||+$7.32|