Interest Rate Changes? Staying Up To Date

mortgage rate interest rate frisco tx

When you decide to purchase a home, you need to take more things into account than just the listed price. Budgeting is an important step, and that means taking the time to figure out how much you will need to spend on things like home insurance and property taxes, which you might not currently have to worry about if you are a renter. But these are all a part of the homebuying package, and so you need to stay up to date with rate changes. Your interest rate is a key element of your home loan, and even slight shifts can make a significant difference on the total price of your home.

If you are ready to make the leap from renting into homeownership, talk with our team here at Family Home Loan Texas in Frisco, TX. With our group of helpful loan originators, you can have a guide to your homebuying possibilities who understands the North Texas real estate landscape. Interest rates have been a hot topic of conversation recently, and you want to know how they affect your timeline. Having the right information can help you and your family to make the choice that is best for you and your family, and we want to help!

Every family looks different, and every household has a different timeline when it comes to purchasing a home. That said, taking the time to figure out what works best for you is an invaluable step in homeownership, whether you are going through this process for the first time or if you have been here before. Speak with your financial advisor about your own personal schedule in buying to see if this is the time that works for your family. Then, by making a plan for homeownership, you can better navigate shifts in the market, rather than trying to change your approach to match the climate.

When Is The Best Time To Lock In A Mortgage Rate?

With all of the talk about our high interest rates, mortgage rates have actually dipped recently. This might not have made the headlines, but the average interest rate on a 30-year conventional loan dropped .07% over the past week, and even a small difference can mean real money over the course of your loan.

It is also important to remember that home prices may continue to stay elevated, which can take away the financial benefit of waiting to purchase a home. Our North Texas market has been remarkably resilient due to low housing supply, so we might not see the price drops found in other markets. Each family has their own needs, and by paying attention to those first and foremost, you can use market factors to influence you, rather than drive your decision.

Learn More About Interest Rate Changes With Family Home Loan Texas

To talk more about the shifts in interest rates, give us a call at Family Home Loan Texas in Frisco, TX at (214) 447-7575 or request an appointment online!