Pasadena, Texas Mortgage Rates and Real Estate Overview

The modern history of Pasadena, Texas, really begins with the Texas Oil Boom and the discovery of an oil field in the neighboring city of Baytown. This event saw oil refinery operations spring up in Pasadena, and to this day, exploration for petroleum and gas remains a key economic force within the city. Throughout the 20th century, Pasadena’s population flourished and its economy became a mixture of heavy industry and aeronautics. One important event in the city’s history is the founding of NASA’s Lyndon B. Johnson Space Center and a planned residential community, Clear Lake City, next to it. The Clear Lake neighborhood is currently home to many engineers working in the aeronautics and petroleum industries. Today Pasadena’s economy remains strong. It was recently listed as one of the top ten small American cities of 2013-14, especially for human resources and the infrastructure industry. Meanwhile, local media are reporting impressive business growth in the region, including the building of new business parks and a large-scale chemical plant by the company Solvay. Are you looking to refinance your current mortgage or buy a new home?  Rates are close to the lows of the year, and you may be able to lock in a low rate for many years to come. Call us today to get a free rate quote or to speak with one of our licensed mortgage professionals.   Despite being a promising place to live and work, Pasadena isn’t costly. According to Area Vibes, the city’s cost of living is 19.2 percent less than the national average. In terms of housing, Pasadena is cheaper still: the city scores 52 on an index in which 100 represents the national average. The real-estate database Trulia bears this out, giving Pasadena’s average home listing price as $149,499. Some popular neighborhoods in Pasadena include Fairmont Estates and Village Grove. The average listing prices in these neighborhoods are $138,360 and $215,500, respectively. When you’re looking for a home, watch out for neighborhoods on the city’s north side. These are rumored to suffer from odors emitted by factories in the vicinity. Other good neighborhoods include Pearland, Deer Park and LaPorte. What kind of mortgage payments can you expect to make in Pasadena? Based on an average property and a Zillow sample of 30-year fixed-rate mortgage rates in the area ranging from 4.16 to 5.19 percent, you can expect to make monthly payments of between $564 and $580.