If you are planning on buying a Spring Texas home in the near future, you can expect to pay more. As mortgage interest rates are on their way back up.
Over the last 14 months or so, the Federal Reserve has been keeping mortgage interest rates down through the purchase of $1.25 trillion in mortgage backed securities and home buyers benefited by locking in ridiculously low interest rates. Some of our Spring Texas home buyers locked in rates as low a 4.5% or 4.75% for a 30 year loan. Now, the party’s over and rates are on their way back up.
How fast will the interest rates for home loans rise? There are numerous predictions floating about with a level of consensus that we should expect rates to be in the mid to upper 5% range by the end of 2010.
What impact will the rise in mortgage interest rates have on the Spring Texas real estate market? Over the next couple of months, the rising interest rates will put additional pressure on Spring Texas home buyers to make buying decisions and our market will experience an increase in home sales. By mid summer, interest rates will have less impact on our real estate market. In order for our real estate market to experience an increase in sales, we need to create jobs. When people have jobs and feel confident they will continue to have jobs is when they feel comfortable in making large financial purchases.
Low interest rates, low home prices, and home buyers tax credits are great incentives for people to buy homes. But to really help the housing market we need more people with jobs.
Jill was phenomenal during every step of selling my father's home. This process was extremely difficult for me, as... read moreJill was phenomenal during every step of selling my father's home. This process was extremely difficult for me, as my father passed away last year. Jill listened to EVERY story I had, and there were a lot of them! She allowed me to share the memories of the house, which helped me prepare to let it go.She is very knowledgeable in what to and what not to do in regards to getting the home ready to sell, what to tackle during the negotiation process and she made the closing extremely convenient. She was thoughtful enough to place the "sold" sign on the property a week in advance, to allow me time to process it all. Paying constant attention to what is happening around your listing is one of JIll's many strengths. Her goal is to get you the most money for your property, and she has different strategies to that end result. I not only gained a new realtor, but in JIll, I also gained a friend! I will be forever grateful for her through this tough process and I know my Dad would have loved her! "Thanks," will never be enough! read less