Business

Mortgage Rates Too Good To Ignore

Rock-bottom mortgage rates are proving too attractive to pass up for some Houstonians as the area’s housing market begins to heat up again.

sign her signature stickerThis week’s rates are about as low as Houston Capital Mortgage president Stacy London has ever seen. Freddie Mac reports 30-year rates at around 4 percent and 15-year rates at low as 3.4 percent. London says that has meant an increase in business for her.

“We’re probably up about 20-25 percent over the past 90-days just as a function of the lower rates.”

London says Houston’s relatively stable housing market and the low rates are causing some homeowners and homebuyers to consider new loans.

“I think there’s been a great deal of uncertainty and fear that probably kept a lot of pent-up demand back on refinances. People have seen the economy faltering a little bit and they’ve been a little unsure to pull the trigger on this particular refinance boom compared to other ones in history. So even though rates have been nice and low now for almost a year, we didn’t really see the big influx in refinance activity until about the last 90 days.” 

London says it still isn’t easy to get a new loan or refinance and that stricter lending guidelines have made it hard for some to take advantage of the low rates.

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