Last week, on Friday, mortgage rates for Texas homeowners and homebuyers hit the lowest levels in the history of tracking mortgage rates on FHA and Conventional home loans.
European economic concerns in several Euro zone countries including Greece, Spain, Italy, and several others has investors sending their money into U.S. backed securities such as bonds and mortgages. As long as money is flowing into the US bond and mortgage market, Texas homeowners seeking to refinance or purchase a new home will benefit from extremely LOW interest rates.
The timing of excellent mortgage rates is perfect for Texas homebuyers looking to move this summer. The Texas real estate market in cities in the Dallas Fort Worth metroplex is hot right now, and because of the low interest rates, these homebuyers will get the benefit of low monthly payments for years to come. FHA average mortgage rates around 3.75% and conventional mortgage rates are very similar. (You’ll want to compare these options very closely with your mortgage loan officer because Conventional mortgage options may have lower payments depending on how your lender structures the mortgage insurance options).
ALSO, FHA and Convetional mortgage rates hitting historic low levels is perfect timing for homeowners seeking to refinance to lower payments or shorter terms. FHA announced changes to their FHA Streamline Refinance that lower the mortgage insurance premium rates for thousands of homeowners in the Dallas Fort Worth area – making it possible to benefit from low interest rates. Homeowners with Conventional backed mortgages can also benefit from HARP (Home Affordable Refinance Program) from lenders such as Josh Campbell. Email questions about FHA Streamline or HARP refinances to firstname.lastname@example.org today.