Record Low Mortgage Rates Send Home Purchases Soaring

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Those who have been paying attention to the state of the housing market recently will have no trouble agreeing that there are currently a lot of new buyers entering the market. In fact, in North Texas there are more buyers entering the market now than there have been since some time in the middle of 2006. This influx of buyers is a result of a number of factors that, when combined, create a very favorable environment for both home buyers and sellers, not the least of those factors is the record low mortgage rates.

Economists across the state have been carefully monitoring the average rate on 30-year fixed mortgage since the start of the housing boom in early October. Ever since mortgage rates started falling a few months ago, the conditions have been ripe for buyers to get great deals on pre-owned homes. 30-year fixed mortgage rates are often hailed as an accurate way to measure the health of mortgage rates in general, and the most recent rate of 3.34 percent is the lowest North Texas has seen since 1972.

The only bottleneck for the latest explosion in home sales is the particularly low stock of homes currently on the market. Interest rates may be hitting a record low, but so is the amount of houses for sale. Nobody feels this shortage more than home builders, who are having an increasingly hard time finding tear-down properties to purchase in order to build new, more valuable homes. The shortage of new homes has left the market wide open to be dominated by the sales of pre-owned homes.

Tons of new and pre-owned Erath County homes for sale are only a call or click away with Hayden Real Estate, so contact us today before they’re all gone!

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