Houston Mortgage Rates Survey for the Week of December 18, 2011

Written by: Scott Sery

According to a recent Primerates.com survey of Houston mortgage rates offered by the largest area banks & credit unions, Houston area banks offered some of the lowest rates in the country, all coming in at 4.13% or less.  Four institutions were offering 3.88% on 30-year fixed -rate conforming loans in the Houston metro area for well-qualified borrowers.  Compass Bank (www.bbvacompass.com), Wells Fargo (www.wellsfargo.com), Amegy Bank (www.amegybank.com), and Capital One (www.capitalone.com) all offered this rate.  Sterling Bank (www.banksterling.com) and Comerica Bank (www.comerica.com) were just .25% higher with rates of 4.13%.

Finding the right house, and going through the process of becoming a first-time home buyer (check to see if you qualify for the first-time home buyer program) can be exciting.  But as with all financial transactions, running on emotions can often lead to regret later.  For those who are looking at making their first big purchase, take the time to analyze if now is the right time.  A credit score of 700 or better is often needed to qualify for the best mortgage rates.  Borrowers with recent late payments or other blemishes on their credit would do best to wait a few months to allow their credit to “heal.”  In the meantime, paying down debt and saving for a down payment will help the borrower get the best deal when the time does come to purchasing a home.

Top Houston Area Banks and Credit Unions

As of

30-year Fixed

15-year Fixed

5/1 ARM

Wells Fargo

12/18/11

3.88%

3.25%

2.25%

Compass Bank

12/16/11

3.88%

3.13%

NA

Amegy Bank

12/16/11

3.88%

3.13%

NA

Capital One

12/16/11

3.88%

3.25%

2.75%

JP Morgan Bank

12/18/11

4.00%

3.25%

2.63%

Bank of America

12/16/11

4.00%

3.25%

2.88%

Sterling Bank

12/16/11

4.13%

3.34%

2.88%

Comerica Bank

12/16/11

4.13%

3.34%

2.88%

Listed rates from banks, thrifts and credit union were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates.


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Houston Mortgage Rates Survey for the Week of...

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