Dallas Fixed Mortgage Rates Near Historic Lows

Fixed mortgage rates are continuing to drop in Dallas and across the nation, recently nearing historic lows, according to a report from cleveland.com. The report suggests the low fixed mortgage rates will help bolster the housing recovery.

Thirty-year fixed mortgage rates hit 3.54% in early April. In November of last year they hit 3.31%, which were the lowest 30-year rates since 1971. 15-year fixed mortgage rates are dropping too, at 2.74% near the beginning of April. Last November, 15-year rates also reached their record low at 2.63%. And adjustable mortgage rates are low as well. Five-year adjustable mortgage rates recently dropped to 2.65%, while one-year adjustable mortgage rates were at 2.63%.

These low mortgage rates make it a great time to look at homes for sale in the Dallas area.  Low fixed mortgage rates factor into the housing recovery, which has seen a 10.2% rise in home prices since February 2012.  This was the biggest yearly percent gain since March 2006, suggesting the housing market is continuing to strengthen. Home sales and home construction are also up, and many home owners are refinancing their mortgages. Sales of older homes were also up earlier this year. This boom in the housing market has begun to positively affect both the Dallas, Texas area and the entire U.S. economy.

Freddie Mac surveys lenders each week from Monday through Wednesday to determine average national mortgage rates. Borrowers do need to pay fees, or points, to take advantage of theses low mortgage rates. Fees averaged 0.8 points for a 30-year fixed mortgage, and 0.7 points for a 15-year fixed mortgage. The fee for a five-year adjustable mortgage was recently at 0.5 points, while the one-year adjustable fee was 0.4 points.

Please contact us for more information about Dallas loan programs. We would be happy to talk about the mortgage options that are at your disposal.