Mortgage rates barely wavered this week in Houston. Meanwhile, residential construction is booming in the city, the Houston Business Journal reported.
Online real estate company Trulia ranked Houston No. 4 in the country for new residential construction in the first half of this year. Trulia analyzed building permit data from the U.S. Census Bureau for 80 of the largest metropolitan areas nationally. It then ranked them on the number of permits issued and compared it to the city's historical average.
The benchmark 30-year fixed-rate mortgage in Houston remained at 4.25 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.54 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.23 percent.
Houston had a 61 percent increase in permit activity compared to the city's historical average, Trulia further detailed. The city is on track to build more than 30,000 homes this year, according to Metrostudy, a record for the city.
Boston ranked No. 1 nationally with a 73 percent increase in building permits and Fort Lauderdale, Florida, saw the largest decline, Trulia stated.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, stayed at 4.25 percent. The benchmark 15-year fixed-rate mortgage dipped to 3.4 percent from 3.43 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.38 percent from 3.3 percent.
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Weekly mortgage survey
|Results from Bankrate's Aug. 27 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:||4.25%||3.40%||3.38%||4.25%|
|Change from last week:||N/C||-0.03||+0.08||N/C|
|Change from last week:||N/C||-$2.42||+$7.33||N/C|