The Mortgage Bankers Association (MBA) economists have revised their mortgage interest rates projections and are now predicting a slower than anticipated increase. The interest rate for 30-year mortgages are still projected to be in the high 6% range by fourth quarter of 2012. The revision is in how quickly the 30-year mortgage interest rates will rise from their current levels of high 4% range to the high 6% range.
In their June 11th forecast, the MBA economists predict the 30-year mortgage rates will gradually rise to 5.4% during the fourth quarter of this year, climb to 6% by fourth quarter of 2011, and reach 6.6% by fourth quarter of 2012.
If you are considering purchasing a Spring Texas home, a gradual increase in mortgage interest rates is good news. As it gives you time to find the right house without feeling you have to quickly make a decision before the interest rates skyrocket.
Mortgage interest rates have a significant impact on how much Spring Texas home you can afford and how much interest you will be paying over the long run. The table below identifies how much that 1% jump in mortgage interest rates will cost you.
Jill Wente is an incredible realtor! We lived in the area for about 3 years before taking the house-hunting plunge... read moreJill Wente is an incredible realtor! We lived in the area for about 3 years before taking the house-hunting plunge and truly could not have chosen a better realtor to work with. Jill is professional and patient, she is an incredible resource who is 100% there for her clients at all times. We had a lot of questions and didn't want to pay any closing costs or prepaid costs out of pocket - Jill is a Master Certified Negotiation Expert and it SHOWS. We got exactly what we wanted at the price we wanted AND had several bonuses thrown in, including appliances and gutters. She was there for inspections/walk-throughs and kept in contact with our builder's salesperson as well. If you want a strong realtor who is also pleasant to work with (which I've learned is rare), then Jill is the realtor for you!! read less