Mortgage rates dropped faster last week than any time in the last 40 years
Considering buying a new home? Learn how this could save you $100+ each month.
Mortgage rates fell at a faster pace last week than at any point in the last 40 years, according to the weekly lender survey released by mortgage giant Freddie Mac.
With the average Houston home costing around $400,000, this decrease could give buyers more purchasing power.
A dip in rates from the 7% range into the mid-6% range could save buyers over $100 each month, considering the average price of Houston homes.
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Monthly Trends
While mortgage rates are over double what they were a year ago, the drop this week helps buyers who:
- Are close to closing on a home and may be able to get a lower rate;
- Are looking to move by the end of the year to tax advantage of the tax benefits;
- Can lock in rates for several months while shopping for a new home.
Houston Properties Team Broker Associate, Brad Evans, commented: "This is a benefit to anyone planning on closing in the near future, as it can save them upwards of $100 per month for the same house than if they closed a week earlier."
According to the data from the HAR MLS, the average Houston home price last month was $403,712.
A drop in mortgage rates from 7.08% to 6.61% could save the average homebuyer over $100 per month each month for the next 30 years.
On the Houston Housing Trends page, you can see live data on median Houston home prices and the average monthly interest rate.
Annual Trends
On the Houston Housing Trends page, you can see annual data on median Houston home prices and the average annual interest rate.
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