Mortgage rates sunk in Houston this week. Meanwhile, construction starts in the city have fallen by double digits in 2015, the Houston Business Journal reports.
According to New York construction data provider Dodge Data and Analytics, Houston ranks 9th in the nation for construction starts. The list ranked U.S. metro cities with the most construction starts for office and apartments by dollar volume in 2015. While projects worth nearly $4 billion were started in 2015, that is a 28% drop from 2014. Houston had the biggest decline in office and multifamily construction starts among the top 20 most populous cities in the nation, the Journal notes.
This week's rates
The benchmark 30-year fixed-rate mortgage in Houston fell to 3.73% from 3.9%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.56 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.78%.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and more plummeted to 3.55% from 3.8%. The benchmark 15-year fixed-rate mortgage dropped to 3.03% from 3.18%. The benchmark 5/1 adjustable-rate mortgage decreased to 2.93% from 3.05%.
Weekly mortgage survey
|Results from Bankrate's Feb. 10 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:||3.73%||3.03%||2.93%||3.55%|
|Change from last week:||-0.17||-0.15||-0.12||-0.25|
|Change from last week:||-$15.81||-$11.88||-$10.58||-$57.90|