20-year history of mortgage rates in Austin is proof that this is the time to buy in Austin.
We’re continually bombarded with news of the housing market in today’s economy, and sometimes it’s difficult to filter out the important facts. As a buyer, you might be on the fence and saying to yourself, "I’ll wait until the rates go even lower before I buy". Well, you might want to take a look at this chart that shows the average 30-year fixed rate mortgage rate over the past 20 years (Source: Freddie Mac) and ask yourself if this is indeed a good time.
Over the past 20 Years, the average mortgage interest rate has been 7.20% (Source: Freddie Mac). In the 3rd Qtr of 2010, the average rate was only 4.44% (Source: Freddie Mac). Fluctuations in the housing market are normal over time, and there will always be adjustments in mortgage rates. Fortunately, we live in Austin where our market has not seen wild swings & major corrections like some parts of the country. While Austin has not been fully immune to some market corrections, our market is still strong and it’s still a great time to be a buyer.
Mortgage rates are at one of the lowest points in modern history, and owning a home is still considered to be one of the best investments that you can make. Whether you are on the buying side or the selling side, this is an opportunity that is too good to pass up. The deals are out there, and these rates will help keep your payments lower than ever.
If you’re curious about how you can take advantage of this wonderful opportunity, call today and let’s talk about it. I can put you in touch with some of our lender partners, and we can work together to help you find the right home & the right mortgage.
Information prepared and provided by Kevin Wilhelm of Realty Austin. Kevin is an Austin real estate agent who lives, and works, in Austin, Texas.