The Summer Selling Season is here!
The average rate for a 30 year fixed mortgage is now up to 5.38%
If you locked in a mortgage in the last year or two at 3% or less you're feeling pretty good right now eh?
We are beginning to see 5-6% interest rates posted on the preapproval letters coming with the offers on our listings, but it hasn't appeared to hamper the ability to sell a house in the first weekend, above asking price.
How long will this window remain open?
My thinking is if rates stay in the 6ish range we will still see people buying homes in Houston at or above the asking price over the remainder of this summer. There are too many people in other states looking to get out and with our non existent state income tax and (comparatively) affordable housing, Texas is one of the primary candidates people choose.
So, expect to see a strong market for the rest of the summer.
We'll see how this opinion ages :)
I'd love to hear your thoughts on where you think the market is headed in the next year or two.
If you ever want to talk Real Estate, or if you're thinking about moving, call our team any time. We look forward to serving you.
> Link to today's mortgage rates <
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