Mortgage rates decreased in Houston this week. Meanwhile, the original plan for a mixed-use community near CityCentre is being reworked due to neighborhood concerns, the Houston Business Journal reported.
Houston-based Midway Cos. originally planned a six-story, 250-unit apartment complex along with luxury homes and commercial space in the site called Memorial Green. But the developer changed its plans, according to the Houston Chronicle, when neighbors raised questions about the site's impact on traffic, the environment and drainage.
In response, Midway will increase the number of single-family homes at the development and eliminate the apartment building and parking garage. These changes have pushed back construction, which originally planned to break ground in January, the Journal continued.
The benchmark 30-year fixed-rate mortgage in Houston fell to 3.78 percent from 3.9 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average of 0.56 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.8 percent.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more, dropped to 3.98 percent from 4.05 percent. The benchmark 15-year fixed-rate mortgage sunk to 3.13 percent from 3.25 percent. The benchmark 5/1 adjustable-rate mortgage tumbled to 3.1 percent from 3.23 percent.
Weekly mortgage survey
|Results from Bankrate's March 25 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:||3.78%||3.13%||3.1%||3.98%|
|Change from last week:||-0.12||-0.12||-0.13||-0.07|
|Change from last week:||-$11.21||-$9.55||-$11.60||-$16.77|