WHAT RISING INTEREST RATES MEAN FOR THE TEXAS HOUSING MARKET

1 comments ↓

If youre considering purchasing a home then youve probably heard the headlines that mortgage interest rates are on the rise, but what does that really mean for buyers?

First of all, please do realize that the ultra low rates of the last few years arent typical. Rates have been kept low in order to accelerate the economy and help people build wealth through their largest asset.... their homes. This also, gave an opportunity to refinance your home.

The biggest impact of increased mortgage rates for buyers is that it decreases your purchasing power. As mortgage rates go up, so does monthly payments. For example, a home that you purchased for 400,000 at 3% could be around 2,326.00 per month, but at 5% that payment can be 2,779.00 per month.

It doesnt mean that its a bad time to buy, but what you will be able to buy will be unique. I always encourage client to focus on the monthly payment estimate rather than the list price of the home to make sure they are committing to a monthly payment they can comfortably make in the long run.

Hopefully this was helpful. Drop your comment if you have any questions.

To post a comment on this blog post, you must be an HAR Account subscriber, or a member of HAR. If you are an HAR Account subscriber or a member of HAR, please click here to sign in. If you would like to create an HAR Account account, please click here.

1 Comments

swavroskitemple

Posted Date: Jun 15, 2022

Hi. I once had a credit score of 450. This is due to some late payment on my credit. All efforts to raise my credit score quicker does not yield any result because it is rising slowly even with on time payments. Few months ago I met this credit instructor who helped eliminate those collection on my report and improved my credit score to 845 excellent When i contacted him he told me to give him 72hours to get through it and I gave the him a try. To my greatest surprise he deleted all the negative information on my credit profile after we both settled on a deal. What really amaze me was how he got it done, he treats his client like family and go beyond his perimeter to get it done. Contact him if you need a similar service SWAVROSKITEMPLE(@)OUTLOOK.COM NOW i can buy my house in texas no matter how expensive it comes

Disclaimer ↓

Join My Blog

First fill out Your County Appraisal District letter Notice you should've gotten by now. Deadlines are May 15, every year. Items to take before your protesting date. Call me for a free market analysis, and your unique home pictures.