Mortgage rates were flat in the Houston area this week.
Key 30-year rate stays flat in Houston
According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Houston area held at 3.63%. The local rate still exceeded the national rate of 3.57%.
The mortgages in the survey for the current week had an average of 0.62 discount and origination points.
"With the most popular mortgage rate standing still, it's neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate," says Holden Lewis, Bankrate's senior mortgage analyst.
Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also steady, holding at $752.95.
Other Houston mortgage types mixed
The average rate for 30-year jumbo mortgages also was unchanged this week, remaining at 3.65%. Jumbo loans are used for mortgages beyond limits set by the Federal Housing Finance Agency. Those limits can vary anywhere from $417,000 to $625,500, depending on the location.
The average rate for 15-year fixed-rate mortgages increased to 2.93%, climbing 3 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage ticked up along with rates, ratcheting up $2.38 to $1,133.91.
"Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less beneficial than it would have been before the rate rise," Lewis says.
The benchmark 5/1 adjustable-rate mortgage rate decreased to 3.08% this week, a drop of 5 basis points. 5/1 adjustable-rate mortgages allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most common variety of variable-rate mortgage.
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Weekly mortgage survey
|Results from Bankrate's Aug. 24 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:||3.63%||2.93%||3.08%||3.65%|
|Change from last week:||N/C||+0.03||-0.05||N/C|
|Change from last week:||N/C||+$2.38||-$4.47||N/C|