Mortgage rates decreased this week in Houston. Meanwhile, home prices in June hit an all-time high, the Houston Business Journal reports.
According to the Houston Association of Realtors, total property sales in Houston increased 3.3% in June, to 9,480, a record high. Single-family home sales also had the highest 1-month volume ever, with 7,935 units sold. That's an increase of 4.1% from June 2014.
The average single-family home price increased, along with the median price, in June. Single-family home inventory was up slightly, and the average time to sell a home was 43 days. Homes priced $150,000 and less noted a decrease in sales.
This week's rates
The benchmark 30-year fixed-rate mortgage in Houston inched down to 4.13% from 4.15%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.53 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.09%.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, sunk to 4.18% from 4.33%. The benchmark 15-year fixed-rate mortgage fell to 3.25% from 3.3%. The benchmark 5/1 adjustable-rate mortgage dipped to 3.2% from 3.23%.
Weekly mortgage survey
|Results from Bankrate's July 29 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:||4.13%||3.25%||3.2%||4.18%|
|Change from last week:||-0.02||-0.05||-0.03||-0.15|
|Change from last week:||-$1.92||-$4.01||-$2.70||-$36.30|