Texas Mortgage Rates: Are Texas mortgage rates increasing?

Texas Mortgage Rates: Are Texas mortgage rates increasing?

http://www.bankrate.com/finance/mortgages/mortgage-rates-arrest-8-week-drop.aspx

Texas mortgage rates inched up this week after they had dropped for eight consecutive weeks and reached their lowest levels in decades. That’s not what the Fed expected, but for now the eurozone, not the Fed, is calling the shots in the mortgage world.

 The benchmark Texas 30-year fixed-rate mortgage rose 1 basis point this week, to 4.3 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week’s survey had an average total of 0.37 discount and origination points. One year ago, the mortgage index was 4.5 percent; four weeks ago, it was 4.37 percent.

The benchmark Texas 15-year fixed-rate mortgage rose 5 basis points, to 3.47 percent. The benchmark 5/1 adjustable-rate mortgage rose 8 basis points, to 3.13 percent. Despite the recent increases, mortgage rates are expected to remain near record lows at least through the end of the year, some mortgage experts say.

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