A little over two weeks ago, I wrote about a substantial 1% drop in the Mortgage Interest Rates. The decrease in the interest rates was the result of the Federal Reserve’s announcement of their purchase of $600 billion of mortgage-backed securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae.
The mortgage interest rates took another nose dive on December 16th with the Federal Reserve’s announcement of their decision to reduce by .75% the overnight rate to .25%. And the announcement of the Federal Reserve’s continuation of buying back mortgage-backed securities.
The mortgage interest rates are now at 40 year lows. With mortgage companies quoting interest rates of 4.5% – 4.75% for 30-year loans. How long will the rates stay this low? No one knows. But if you a Spring Texas home buyer waiting for the bottom, mortgage interest rates at 40 year lows is the bottom.
One thing to remember about mortgage interest rates is your lender will be unable to lock in an interest rate until you have your home under contract and can provide the physical address of the home.
We entrusted Jill Wente with the sale of our current home and purchase of a new home. From the beginning... read moreWe entrusted Jill Wente with the sale of our current home and purchase of a new home. From the beginning she was extremely up front and honest about exactly what we would need to do to get our house sold. We had an incredibly tight timeline, that she explained would be difficult to make - but she helped us make it happen and our house was under contract in 2 days! She had recommendations for all our home repair needs and they were all professional and fairly priced. She worked hard to really sell our offer for our new home - she was able to pull off the tight timeline, securing a rent back from our old house so we had time to move out, and a contingency for our new home. Definitely exceeded our expectations. She was so helpful along the way - as first time home sellers we really relied on her and we feel lucky to have worked with her! You will not regret working with Jill! read less