Home buyers with affordability concerns in Dallas-Ft. Worth, TX and across the U.S. now have one lesson reason to postpone their new home purchase! Low inventory levels around DFW combined with high price points due to recent increases in home value appreciation, have left many buyers with very few home purchase options when searching their ideal price point.
That is all about to change! 50-year historic record low interest rates are unlocking new price points for buyers that now have a little more purchase power with mortgage rates averaging around 3.29% percent. Record low mortgage interest rates are also expected to encourage more buy and sell transactions from home owners hoping to cash in on record rates which will ultimately help solve housing inventory supply around DFW and fuel home sales for 2020. According to Freddie Mac, the 30-year U.S. mortgage hit the lowest rate in their survey history which dates back to 1971.
Freddie Mac's Mortgage Rate Facts:
- The 30-year fixed-rate mortgage averaged 3.29 percent for the week ending March 5, 2020, a decrease of 1.12 percent a year ago when rates were averaged around 4.41%.
- The 15-year fixed rate mortgage averaged 2.79 percent, down around 1.04 percent from last year when the 15-year averaged around 3.83%.
- The 5-year adjustable-rate mortgage (ARM) averaged 3.18 percent, down .69 percent from last year when the 5-year ARM averaged 3.87%.
If you've been on the fence about buying a home in Dallas-Ft. Worth TX, now is the time to pull the trigger! Contact one of our DFW Realtor customer service and support specialists today and find out how much home you can afford and the unbelievable home mortgage rate you can lock in and secure, you might just be surprised! Ready to start your home search? Check out our new advanced DFW MLS home search with instant access to all available home, townhome, condo, loft and high-rise properties listed in the North Texas multiple listing service.
Posted by Kenneth G. Cox on