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.
Jill was amazing! She was so attentive and knowledgeable through the whole process from deciding to list to closing day.... read moreJill was amazing! She was so attentive and knowledgeable through the whole process from deciding to list to closing day. Jill helped with a lot of ups and downs during the selling process, from giving recommendations of contractors to filling in at my house when I was traveling. I'm moving away from the Houston / Spring area, but if I were around, I have Jill help with purchasing too. Highly recommend Jill for buying / selling needs. read less