Mortgage rates mostly fell this week in Houston. Meanwhile, the city tops a list of markets that are best for buying and developing real estate, Bloomberg reported.
According to a report by PricewaterhouseCoopers and the Urban Land Institute, Houston is the No. 1 market in the nation for investors in 2015. Austin placed second, followed by San Francisco, Denver and Dallas-Fort Worth.
The benchmark 30-year fixed-rate mortgage in Houston dipped to 4.1 percent from 4.15 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.57 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.17 percent.
Last year Houston ranked second in a survey among 1,400 real estate professionals; San Francisco was No. 1. Houston's expanding energy industry is fueling its economy while low living and business costs facilitate its growth potential, Bloomberg stated.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, sunk to 4.09 percent from 4.25 percent. The benchmark 15-year fixed-rate mortgage grew to 3.3 percent from 3.25 percent. The benchmark 5/1 adjustable-rate mortgage decreased to 3.13 percent from 3.18 percent.
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