The rate for a 30-year fixed rate mortgage seems to be playing a game of limbo. Less than 60 days ago, mortgage rates hit a new 50 year low when they averaged a paltry 4.15%. This week, the interest rate for a 30-year fixed rate mortgage hit a new low when it dipped below 4% for the first time ever.
Times certainly have changed from when I purchased my first home in the early 1990s. Back then the interest rate on a 30-year mortgage was 10%. Did I think the interest rate was high? No. I was thrilled to be buying my first home and thus I agreed to pay the interest.
I have said it before and I will say it again, now is the time to buy a Spring Texas home. If you have job security (whatever that means anymore) and you can qualify for a loan, don’t put off home ownership. Unlike cars, you won’t see homes being offered with 0% financing options but 4% is pretty darn close.
Let’s start searching for your Spring Texas home this weekend. The weather is going to be great. Give us a call at 281.300.3141 or 281.804.8626 and let’s find you a home so you can take advantage of these historically low interest rates.