Currently, mortgage rates have been the best ever with regards to rates during the core summer buying season months. Normally rates climb during peak buying months, but this year has been unusual as rates continued to decline. That situation might begin to change as early as next month according to Federal Reserve Bank of New York president William Dudley. Stronger than anticipated job growth and improving general economic strength indicators are being cited as factors behind what appears to be an upcoming interest rate hike in September.
DFW/ TEXAS MORTGAGE INTEREST RATES
MORTGAGE RATES AFFECT YOUR PURCHASING POWER
The basis rule is that when rates go up 1% it is like adding $30K to your home's price tag. When rates go down by 1% it makes the price of the home you want to buy feel $30K less expensive. ARG clients have the option to use their buyer cash rebate to buy down their mortgage interest rate and monthly payment.
Mike Askins, Realtor, Owner ARG
Got questions for Realtor Mike? Call me at 214-727-3686 (mobile)