Mortgage Rates

Sink or Swim, Locking vs. Floating Your Mortgage Rate

Does locking your mortgage rate make sense? Or should you have a floating rate so you can take advantage of a rate drop?   Here are a few things to keep in mind as you weigh your options. But first, let’s talk about what these terms mean.    Locking Your Mortgage Rate vs. a Floating Rate When you apply for a mortgage, the lender will ask you early on if you want to lock in your rate. They’re essentially saying you can finalize the interest rate you’re willing to pay. From that point…
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Are Mortgage Rates Still Low?

The last two years have been crazy in the real estate market. Low mortgage interest rates made it a fantastic time to buy a house. The question is - are mortgage rates still low?   Let’s look at the past, the present, and what is expected to happen over the next few months. That’s the best way to understand where we are right now.    Mortgage Rate History Since we just got out of November, let’s use that as our benchmark. According to FreddieMac here are the average rates we’ve seen over the…
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Rate Shopping, Good or Bad?

Understanding rate shopping can save you tens of thousands of dollars. Yes, you read that correctly! That’s why so many home buyers take the extra time to shop around before deciding on a lender to work with.  We’ll use this article to help you understand the rate shopping world and why it’s worth your time and energy.  Rate Shopping Basics Let’s start by talking about the basics. What is rate shopping?  The short answer is it’s the process of talking to multiple lenders to get the best rate possible.You know that even a…
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What are 3 Important Factors that Affect Mortgage Rates?

Mortgage rates can’t seem to sit still. The pandemic required throwing fiscal stimulus into overdrive, and the Federal Reserve has been pulling out all the stops to keep the economy in balance as best as it can. Mortgage interest rates are at record lows, and as a result, home buying has been on fire lately. At the same time, many homeowners are refinancing their homes to take advantage of lower rates while they can.   Of course, this is creating a hot real estate market as prices continue to rise across the country,…
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How to Save on Your Mortgage With These Easy Tips

When shopping for your home, you always look for the best price for the best house you can afford. That means visiting multiple properties, comparing neighborhood sales, and making sure that the home fits yours needs as much as your budget. You wouldn’t make a decision on a house without trying to save as much money on the purchase price as possible. The same goes for your mortgage.   Before taking out a mortgage to purchase your home, you should go through the same due diligence that you do when shopping for the…
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Fixed Rate vs Adjustable Rate Mortgage (ARM)

Whether you are buying a new home or planning to refinance, you may be asking the question - Adjustable Rate Mortgage (ARM) or Fixed mortgage rate - which one is better? When you are trying to make a decision on whether to take an Adjustable Rate Mortgage or a Fixed Rate, you should consider two factors: How long do you plan to stay in the property? What is the difference in the interest rate between an ARM & a Fixed? Let me elaborate this: Rates on ARMs are usually lower than fixed-rate loans.…
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Shopping for Mortgage Rates: Do’s & Don’ts

Shopping for a good mortgage rate can sound and feel intimidating because of the many avenues you can take to find the mortgage of your dreams. A mortgage is often a long-term loan designed for homebuyers to purchase a home while making monthly payments. The mortgage is the best tool potential homeowners have of entering homeownership and getting on the property ladder. While shopping for a mortgage has become a lot easier thanks to online tools for finding and comparing rates and lenders, there are still a few key things to know that…
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Mortgage Rates Climb to Highest Levels in Almost a Year; 30-Year Fixed Above 3%

Mortgage rates have now increased in six of the last eight weeks. According to Mortgage Bankers Association (MBA) latest weekly survey, average 30 Year Fixed mortgage rates climbed above 3%. The higher rates resulted in refinance activity falling 11% to its lowest levels since December 2020. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 3.08 percent, with points increasing to 0.46. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $548,250) increased to 3.23 percent with points…
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2021 CONFORMING LOAN LIMITS FOR TEXAS (TX)

2021 Conforming Limit Texas counties is $548,250 and for 2-unit properties is $702,000. See below the list of all 2021 Conforming Limit Texas counties for 1, 2, 3, and 4 Unit properties. Looking For 2022 Conforming Loan Limits for Texas?  Click Here 2021 Conforming Loan Limits for Anderson County 1 Unit – $548,250 2 Unit – $702,000 3 Unit – $848,500 4 Unit – $1,054,500 2021 Conforming Loan Limits for Andrews County 1 Unit – $548,250 2 Unit – $702,000 3 Unit – $848,500 4 Unit – $1,054,500 2021 Conforming Loan Limits for Angelina County 1 Unit – $548,250 2…
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Mortgage Credit Availability Hits Lowest Point in Six Years

Mortgage credit availability has declined considerably, reaching the lowest point it has reached in six years, according to the Mortgage Bankers Association (MBA). The Mortgage Credit Availability Index (MCAI) dropped to 120.9 in August, which is a 60.8 point decrease from August 2019 (181.7). MCAI Trend (Source: Mortgage Bankers Association) Joel Kan, the MBA’s Vice President of economic and industry forecasting, remarked that uncertainty around the job market and its future was likely to be the reason behind tightening credit. When lending standards become tighter, fewer mortgages are available and fewer still borrowers…
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