Dallas Mortgage Rates and Home Prices Continue to Tick Higher

Should I stay or should I go now?  For the second straight month, mortgage rates have increased nationwide.  The rise in rates is due in part to reports of economic growth and job creation.  When there are more jobs being created and more spending coming into the economy, long-term interest rates on mortgages tend to go up.  While the average home loan rate declined throughout the month of April, May has brought a climbing stock market and climbing interest rates.  Many prospective buyers are sitting on the fence deciding if now is the time to move or stay.

But not only the interest rates are moving higher in Dallas.  Home prices in the area continue to climb at a record pace with inventory levels still extremely low compared to the amount of buyers in the market.  The low supply and inventory is only driving prices higher as we move into the busy summer months ahead.

As mortgage planners and loan officers, there’s no way to control the market and the direction that rates are heading in the future, but we can prepare you for what may be coming. To see a visual comparison of how rising rates can impact your home purchase price and/or payment, check out the Cost of Waiting Analysis so you can be familiar with the impact of rising interest rates.

Feel free to contact us with any questions you may have regarding mortgage rates and advice on how to best prepare for fluctuation in interest rates—we follow mortgage rates throughout each and every to do help you get the best rate on your mortgage.

If you have any questions or comments regarding mortgage rates in the Dallas, Texas area, as well as Plano, University Park and Highland Park, please do not hesitate to contact us at your convenience.  We’d be happy to talk about how we can create a tailor-made mortgage based on your unique situation.