Kicking off 2010 with a bit of hope, average home mortgage interest rates declined across the nation for two consecutive weeks in January. 30-year fixed rate mortgages hit a 4.94 percent weekly average rate, and 15-year fixed rates fell to a 4.33 percent mark. In fact, the rates are the lowest America has seen since Zillow Mortgage Marketplace (see TexasLending.com on Zillow ) — a weekly compilation of thousands of mortgage rates from around the country — started tracking the housing market in April of 2008.
Which state saw the biggest rate drop, and now boasts the lowest rates in the entire nation? You guessed it — Texas again takes the crown.
According to real estate information source Rismedia.com :
"Rates for 30-year fixed purchase mortgages had fallen further, with the average rate on Zillow Mortgage Marketplace at 4.86%. Thirty-year fixed mortgage rates varied by state. Texas mortgage rates and Virginia mortgage rates decreased the most, from 4.93% to 4.82% in Texas and from 5.06% to 4.95% in Virginia. Illinois mortgage rates (5.07%), Arizona mortgage rates (5.05%) and New York mortgage rates (5.05%) were the highest in the country, while Texas mortgage rates (4.82%) and Utah mortgage rates (4.88%) were the lowest.
So what’s the upshot of all this?
Basically, low interest rates mean more fluid lending and easier borrowing. But despite rock bottom federal interest rates, industry-wide jitters has made it difficult for potential homebuyers to obtain home loans at rates similar to those available before the real estate crash. This is a sign that the market is slowly regaining strength.
If the lowering rates are making home-buying more attractive, contact one of our Dallas-Ft. Worth home mortgage experts . Rates are still jumpy, and you’ll want to be prepared in advance in order to jump on the best possible deal. We’ll help you find the right situation for you.
Tags: Home Loans, home purchase, homebuying advice, housing market, low rates, mortgages, recession