Question: Can you offer me any feedback to what interest rates are doing right now?
Answer: Mortgage interest rates are continuing to rise, but at a slower pace than previously predicted, and occasionally a week or more goes by without an increase in rates. There are even brief periods when rates decline. At this writing, the average rate for a 30-year fixed-rate mortgage is 3.78 percent – reflecting a slight decrease over the last couple of weeks.
Many home buyers and those who want to refinance their existing mortgage are taking action now to avoid higher rates and monthly payments in the future. The strong pace of home sales this year will combine with very strong home price appreciation to propel new purchase mortgages to much higher levels.
Another interesting development in the current mortgage market is the spread in interest rates between the 30-year fixed-rate mortgage and the adjustable-rate mortgage (ARM). That’s making ARM loans much more attractive and popular with today’s mortgage applicants.
Future Houston hard money lenders and alternative lending updates are coming!