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Mortgage rates in Houston

By Claes Bell · Bankrate.com
Thursday, August 17, 2017
Posted: 10 am ET

A number of important mortgage rates were flat in the Houston area this week.

Benchmark 30-year rate flat in Houston

The average rate on the benchmark 30-year fixed-rate mortgage rate for the Houston area stood at 4.16 percent, according to Bankrate's national survey of large lenders. The local rate was above the national rate of 4.05 percent.

The mortgages in the survey for this week had an average of 0.12 discount and origination points.

With the most popular mortgage rate doing a whole lot of nothing, it's neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate.

Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also consistent, remaining at $803.03.

No clear direction for other Houston mortgage types

On the other hand, the average rate for 30-year jumbo mortgages ticked up this week, growing 5 basis points to 4.34 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Houston area, that limit is $424,100.

The average rate for 15-year fixed-rate mortgages held constant at 3.41 percent. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, remaining at $1,172.28.

The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates standing still doesn't help or hurt for refinancers thinking about locking soon.

The benchmark 5/1 adjustable-rate mortgage rate ticked upward 1 basis point this week, up to 3.44 percent. The most common type of variable-rate mortgage, 5/1 ARMs allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.

Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate's survey of mortgage lenders conducted August 16, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $424,100 in the Houston area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week's rate: 4.16% 3.41% 3.44% 4.34%
Change from last week: N/C N/C +0.01 +0.05
Monthly payment: $803.03 $1,172.28 $735.41 $2,108.72
Change from last week: N/C N/C +$0.92 +$12.50

Methodology: The "Bankrate.com National Average," or "national survey of large lenders," is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We've conducted this survey in the same manner for more than 30 years, and because it's consistently done the way it is, it gives an accurate national apples-to-apples comparison.

To learn more about the different rate averages Bankrate publishes, see "Understanding Bankrate's Rate Averages."

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