Taking Your Time Shopping for a Dallas Home? Mortgage Rates are Rising

With the rates rising from their historic lows, home buyers can tend to get complacent and think that they have all of the time in the world to make up their minds on whether they should sell their home and buy a new one.  A lingering low supply of homes for sale in Dallas and around the country, combined with rising mortgage rates, the best time to buy may be right this moment.  Contact a mortgage planner to get the ball rolling and find out your options to buy or sell your Dallas home before rates and home prices rise.

In recent months, while the housing market has been in recovery, it wasn’t uncommon to see mortgage interest rates below four percent, in some cases as low as 3.25% as recent as May ’13!  However, times are changing and the Mortgage Bankers Association projects interest rates to continue increasing by the end of the year.

The economy as a whole has seen conditions improve.  In addition, the Federal Reserve, who has been cushioning mortgage rates by purchasing mortgage-backed securities to the tune of $85 Billion per month, has started to hint at an end to their purchase program.  The act of purchasing these securities has kept mortgage rates artificially low.  With decreased involvement from the Fed and their purchase program, mortgage interest rates are only likely to rise.

Improved economic conditions helps drive demand for housing.  Low inventory and rising rates create a frenzy for hungry buyers.  If you need guidance to find out if you need to sell before you buy or would like to know what your options are to get pre-approval for your prospective Dallas home, please don’t hesitate to call us directly, 972-499-0454, or Contact Us.