As mortgage rates mostly grew this week in Houston, the Houston Business Journal reported that two rankings place the city in the top ten for frugal living and saving money.
Houston placed fourth on GoBankingRates.com's best cities for saving money based on five factors: sales tax, unemployment rate, median home price, median household income and average savings account rate. The report noted Houston's low unemployment rate and high average savings account balance were big factors in its ranking.
The benchmark 30-year fixed-rate mortgage in Houston rose to 4.48 percent from 4.45 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.82 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.45 percent.
The second report, from CreditDonkey, listed Houston as the ninth-best city for frugal living. CreditDonkey looked at the 50 most populous metropolitan areas in the nation and also based its rankings on five factors. They looked at unemployment rate and median monthly housing costs, while adding the cost of daycare, number of garden plots and number of members on Freecycle.org.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, increased to 4.47 percent from 4.44 percent. The benchmark 15-year fixed-rate mortgage fell to 3.5 percent from 3.53 percent. The benchmark 5/1 adjustable-rate mortgage remained at 3.23 percent.
Weekly mortgage survey
|Results from Bankrate's March 5 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%||3.23%||4.47%|
|Change from last week:||+0.03||-0.03||N/C||+0.03|
|Change from last week:||+$2.94||-$2.43||N/C||+$7.43|