Homebuyers researching mortgage costs are bound to be pleasantly surprised, thanks to interest rates that have been falling steadily for the past seven weeks.
With 30-year fixed mortgage rates dropping to an average 4.5 percent over the past week, financing a home purchase has never looked more affordable.
As one of the main pillars of home affordability, this recent decline in mortgage interest rates means that borrowing costs for first-time and repeat homebuyers is at an all-time high. In fact, recent research from the online real-estate firm Trulia.com showed that it is actually more affordable to purchase a home than it is to rent in 78 percent of America’s major cities. This affordability has been helped enormously by rising rents and the continued drop in mortgage rates.
Texas had a stellar showing in Trulia’s research findings, with five of the state’s major metropolises landing in the nation’s 25 most affordable locales. The most affordable Texas city, Arlington, placed third on the list, and was followed by San Antonio at #11, El Paso at #12, Houston at #13, and Dallas at #16. Of course, those standings come as no surprise to us at LGI Homes, since we’ve been building quality and affordable homes in San Antonio, Dallas and Houston for years. And it’s also no surprise that we’ve recently begun following the affordability to Phoenix, Arizona, site of our soon-to-be announced newest community, and #2 on the national affordability list.
Working in concert with our preferred lenders, we’ve made the most of recent interest rate declines and have used government programs to work out fabulous financing for homebuyers in our communities throughout Texas. In fact, we’ve been able to help many of our homebuyers purchase brand-new homes with absolutely No Money Down, and have fitted them with mortgage payments that are often less than they were paying previously in rent!
If you’re interested in taking advantage of low interest rates and sky-high affordability, there’s no time like the present. Feel free to contact us, or just stop in at one of our communities, where our New Home Consultants are ready and waiting to answer your questions, and show you around your brand new home.