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Mortgage rates in Houston, Texas

By Claes Bell · Bankrate.com
Wednesday, July 20, 2016
Posted: 8 pm ET

Mortgage rates tapered off in the Houston area this week.

Key 30-year rate declines

The average rate on the benchmark 30-year fixed-rate mortgage rate for the Houston area fell to 3.63%, according to Bankrate's national survey of large lenders. While the local rate topped the national average rate of 3.60%, it was down -2 basis points from last week. A basis point is one-hundredth of 1 percentage point.

This week, the mortgages averaged .69 discount and origination points.

"The drop in the 30-year fixed will benefit 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 slid to $752.95, falling $1.86 from last week, corresponding with the slip in mortgage rates.

Other mortgage types mixed

On the other hand, the average rate for 30-year jumbo mortgages trended upward this week, up 10 basis points to 3.73%. Jumbo loans are used for mortgages that exceed limits set by the Federal Housing Finance Agency that can range from $417,000 all the way up to $625,000, depending on the location.

The average rate for 15-year fixed-rate mortgages stayed constant at 2.90%. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, staying consistent at $686.77.

"The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates staying put is neither good news nor bad news for refinancers thinking about locking soon," Lewis says.

The benchmark 5/1 adjustable-rate mortgage rate 5/1 adjustable-rate mortgages allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most common variety of variable-rate mortgage.

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Weekly mortgage survey

Results from Bankrate's July 20 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: 3.63% 2.90% 3.08% 3.73%
Change from last week: -0.02 N/C -0.02 +0.1
Monthly payment: $752.95 $1,131.54 $702.79 $1,926.46
Change from last week: -$1.86 N/C -$1.79 +$23.71
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