What Are Mortgage Rates Today
You can view JVM Lending’s current mortgage rates for Texas loans on our website here. Our team updates these mortgage rate scenarios daily; however, our team is also available seven days a week for any questions or custom interest rate scenarios you may need as you plan your homebuying process.
According to Freddie Mac, the average mortgage interest rate nationwide for a 30-year fixed-rate loan is 3.56%, as of January 2021.
Should You Buy A House If Rates Are Trending Up
It’s important to keep in mind that there is so much going on in today’s world that nobody really has any idea how rates will react this year. What is known is that when looking at interest rates historically, today’s rates continue to trend in a positive direction for many homebuyers and homeowners.
Mortgage Rate Reminders
Here are a few reminders we like to share with our clients who have questions about how they can lock in the lowest interest rate.
- Rates Change. We have been spoiled by some relatively stable rate environments over the last few years, but rates can and do change often – sometimes over a 1/8% in a single day. In the 1990s, I saw rates move as much as 3/8% in a single day on occasion.
- Lenders Can’t Control Rates Or Offer Rates Below Market. Lenders obviously cannot control interest rates nor can they offer rates below market, as “a favor” like some borrowers believe, because they would lose tens of thousands of dollars for that loan when they sell it on the secondary market – like ALL mortgage banks have to do.
- Effect On Payment Is Minimal. We’ve blogged about this recently, but a full 1/2% increase in rates might result in a monthly payment increase of $30 per $100,000 borrowed – at most. So, a $500,000 loan will see a payment bump of $150 at most – if rates climb 1/2%.
- Respond Quickly To Rate Quotes. When rates are as volatile as they are right now, borrowers need to remember to respond to rate quotes as quickly as humanly possible (within an hour) if they want to preserve that rate. This is once again because rates can shoot up at a moment’s notice in response to all sorts of economic and fiscal news.
- Can Refi If Rates Fall. And finally, borrowers should always be reminded that they can just refinance into a lower rate (at “no cost” in most cases) if and when rates fall again.
If you are considering purchasing a new home or refinancing a mortgage, now is a great time to take advantage of JVM Lending’s competitive mortgage interest rates. Our team is available seven days a week for any questions by phone at (855) 855-4491 and by email at firstname.lastname@example.org.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167