![]() ![]() National Association of Realtors (NAR) senior economist and director of forecasting, Nadia Evangelou: “If inflation continues to slow down-and this is what we expect for 2023-mortgage rates may stabilize below 6% in 2023.".We expect that 30-year mortgage rates will end 2023 at 5.2%.” Mortgage Bankers Association (MBA): “Long-term rates have already peaked.A sustained drop could push mortgage rates into the 5% range late in the second quarter or in the second half of 2023, but that’s definitely not guaranteed.” Treasury yields that help set mortgage rates. region president, Neda Navab: “There have been signals that mortgage interest rates may be at or near their peak, given recent encouraging news around inflation and a corresponding drop in the U.S. Here are more detailed predictions from economists, as of June 2023: Treasury bond yields, the Fed’s actions to contain inflation by hiking the federal funds rate tend to push mortgage rates upward. While mortgage rates are directly impacted by U.S. The average 30-year, fixed-rate mortgage was 6.81% as of July 6, up from 6.71% a week prior, according to Freddie Mac.Įxperts expect the Federal Reserve’s ongoing monetary policies to continue to put some upward pressure on mortgage rates, though with the Fed signaling that it may soon pause rate hikes, a downward shift in mortgage rates may soon come. So, it looks like there’s never been a better time to buy than now.Mortgage Rates Forecast Through July 2023Įxperts are forecasting that the 30-year, fixed-mortgage rate will fall to within the 5% to 6% range in later 2023, though some predict it might go higher. The supply of houses and apartments is expected to drop sharply with tens of thousands of homes destroyed and uncertain prospects for future flood insurance costs.” As reported by Reuters, “It might seem like Houston’s historic flood from Hurricane Harvey would make the city a less desirable place to live, but it’s going to get more expensive, real estate experts say. ![]() As such, you need to have a plan set in place for buying your first house in Houston to avoid extra expenses and unnecessary delays.Īlso, it looks like property prices are going to go up based on the damages caused by Hurricane Harvey. Average loan processing (from start of application to closing) averages 35 days. Refinancing or buying a home is not a quick shopping experience. On top of that, current mortgage rates in Houston change daily based on moves in the financial markets.įlorida Mortgage Rates for Good, Great, Best Credit Borrowersīest CD Rates in NY for Good & Great Credit | 2017 RatesĬurrent Mortgage Rates in Mississippi | MS Mortgage Rates for Good-Excellent Credit BorrowersĬonclusion – Finding the Best Mortgage Rates for a Home in Houston This is why there are so many factors that contribute to the specific individual rate that you are offered. In general, the interest rate that will be offered by Houston mortgage lenders will be based on the level of credit (default) risk that lenders predict for your loan. The money that you put down on the house (the down payment amount).Type of loan (VA, Jumbo, 10-year, 30-year, 15-year, 20-year, or adjustable-rate mortgage loan).What Impacts the Interest Rate that You Receive?ĭid you know that many factors affect the mortgage interest rate that you receive from mortgage companies in Houston, TX? Here are just a few examples: Arrange to pay your down payment and closing costs.Review your loan closing documents (your “Closing Disclosure” form will be provided after your loan is approved, and your inspection, appraisal, and title search are complete).Let the process play out, and avoid taking on new debt.Additional documentation will be requested.Your application is reviewed by the lender.Once you have selected a mortgage lender in Houston, TX, here is a quick overview of what will take place afterwards: Something to note here is that knowing what steps you need to take can help your home loan application process go more smoothly. While finding a new home in Houston, TX can be very exciting, navigating the mortgage application process can be overwhelming for some. Houston Rates & Loans for Borrowers with Good, Fair, Great, and Excellent Credit ScoresĪre you in the market to buy a home in Houston, and are seeking the current mortgage rates in Houston? Or are you looking to refinance an existing Houston mortgage loan? ![]()
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