Dallas Mortgage Rates
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Now may be a better time than ever to purchase a home. National average mortgage rates are at the lowest levels in recorded history*. Although mortgage rates can vary from day to day and there is talk of mortgage rates “inching” up, have no fear. Dallas mortgage rates are still at record-breaking lows. Mortgage rates at their current levels are an attractive incentive for first-time home buyers, home buyers who want to move to a larger home, or others looking to sell their current home and downsize to a smaller home residence or condo.
Although the national average mortgage rates are at an all-time low*, where are we in terms of home prices? Believe it or not, home prices are lower now than ever before. As stated by the National Association of Realtors (NAR) housing affordability index, looking all the way back to 1970, today’s home prices are more affordable than ever before in our national history. With housing prices this low and the market slowly starting to pick back up, no one can be sure when housing prices will start trending back upwards. Therefore, buying now or in the near future may be perfect timing.
One last reason to purchase a home now: the housing market is still in your favor. Currently, the housing market is still a buyer’s market. In order to quickly close the sale and move on, sellers are willing to negotiate price and even appliances. If you are unsure where the seller stands as far as negotiation goes, test the waters. Home builders are also more eager than ever before to sell. They are offering huge incentives with the purchase of their homes, such as cash for furniture, refrigerators, and washers and dryers.
If you have been contemplating purchasing a home in the near future, now is a better time than ever to move forward. For information on Dallas mortgage rates or the home buying process, contact one of our Dallas mortgage experts today by calling (512) 524-8077 or by filling out a form to the right.
Average Annual Interest Rates
Since 1981 – Freddie Mac
*Source: Freddi Mac Primary Mortgage Market Survey® (PMMS®)