As mortgage rates decreased this week in Houston, the Houston Business Journal reported that the housing market is continuing to rise, especially in high-end home sales.
According to the Houston Association of Realtors, Houston experienced its 34th consecutive month of positive home sales in March, simultaneously recording the largest one-month volume since last September. Houses priced over $500,000 noted the highest increase in sales year over year at 28.1 percent.
The benchmark 30-year fixed-rate mortgage in Houston remained at 4.48 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.74 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.43 percent.
Single-family home sales were up 3.7 percent for March, even with a record low supply of available inventory, according to the report. The average price of a single-family home increased by 11 percent, while the median home price rose by 9.8 percent, the report noted. These are the highest home price increases Houston has ever seen in March.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, fell to 4.44 percent from 4.5 percent. The benchmark 15-year fixed-rate mortgage dipped to 3.5 percent from 3.55 percent. The benchmark 5/1 adjustable-rate mortgage declined to 3.3 percent from 3.38 percent.
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Weekly mortgage survey
|Results from Bankrate's April 16 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:||4.48%||3.50%||3.30%||4.44%|
|Change from last week:||N/C||-0.05||-0.08||-0.06|
|Change from last week:||N/C||-$4.05||-$7.25||-$14.79|