According to Ted C. Jones, Phd, Chief Economist, Stewart Title Guaranty Company, Houston experienced the best oil downturn ever seen.
Ted projects the interest rate will increase mid-2017 to mid-2018 up to 4.7% to 5.3%. This is still an historic low for mortgage interest rates.
Keeping in mind that home owners moves on average every 7 years, a 5-year Hybrid ARM that has a max adjustment of only 1% every year may be an option for home ownership. This type of loan has a typical interest rate of 3.4%.
Ted says, “Thinking of things changing, but still doing what we’ve always done”.
It’s still a good time to buy a house. The Houston Economy is still strong and growing.
Contact me for information on purchasing a new home in 2017.
michellesealyproperties@gmail.com