The Home Lending Comeback With Texas Leading
Kicking off 2010 with a bit of hope, average home mortgage interest rates declined across the nation for two consecutive weeks in January. 30-year fixed rate mortgages hit a 4.94 percent weekly average rate, and 15-year fixed rates fell to a 4.33 percent mark. In fact, the rates are the lowest America has seen since Zillow Mortgage Marketplace (see TexasLending.com on Zillow ) — a weekly compilation of thousands of mortgage rates from around the country — started tracking the housing market in April of 2008.
Which state saw the biggest rate drop, and now boasts the lowest rates in the entire nation? You guessed it — Texas again takes the crown.
According to real estate information source Rismedia.com :
“Rates for 30-year fixed purchase mortgages had fallen further, with the average rate on Zillow Mortgage Marketplace at 4.86%. Thirty-year fixed mortgage rates varied by state. Texas mortgage rates and Virginia mortgage rates decreased the most, from 4.93% to 4.82% in Texas and from 5.06% to 4.95% in Virginia. Illinois mortgage rates (5.07%), Arizona mortgage rates (5.05%) and New York mortgage rates (5.05%) were the highest in the country, while Texas mortgage rates (4.82%) and Utah mortgage rates (4.88%) were the lowest.
So what’s the upshot of all this?
Basically, low interest rates mean more fluid lending and easier borrowing. But despite rock bottom federal interest rates, industry-wide jitters has made it difficult for potential homebuyers to obtain home loans at rates similar to those available before the real estate crash. This is a sign that the market is slowly regaining strength.
If the lowering rates are making home-buying more attractive, contact one of our Dallas-Ft. Worth home mortgage experts . Rates are still jumpy, and you’ll want to be prepared in advance in order to jump on the best possible deal. We’ll help you find the right situation for you.