Mortgage rates rose in Houston this week. Meanwhile, home sales were up in May, the Houston Business Journal reports.
According to the Houston Association of Realtors, single-family home sales were up 10% in May from the same time last year. Homes priced between $250,000 to $499,999 had an increase of 15.4% year over year, while homes priced between $150,000 to $249,999 noted a jump of 20%. Total dollar volume of sales and total property sales also increased compared to May 2015.
However, the average sales price for a single-family home decreased 0.5% and the median price remained the same, the Journal notes.
This week's rates
The benchmark 30-year fixed-rate mortgage in Houston climbed to 3.80% from 3.73%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.49 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.73%.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more grew to 3.73% from 3.68%. The benchmark 15-year fixed-rate mortgage increased to 3.08% from 3.03%. The benchmark 5/1 adjustable-rate mortgage rose to 3.08% from 3%.
Weekly mortgage survey
|Results from Bankrate's June 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:||3.80%||3.08%||3.08%||3.73%|
|Change from last week:||+0.07||+0.05||+0.08||+0.05|
|Change from last week:||+$6.59||+$3.99||+$7.18||+$11.83|