by Andres Prospero 
🏠 This Week’s Mortgage Rate Update 📊
Lampasas residents, stay informed about the latest mortgage rate trends affecting your buying power and monthly payments. Current rates are crucial in determining how much home you can afford and how much you’ll pay each month.
Current Rates:
– 30-year fixed mortgage: 7.20% [1]
– 15-year fixed mortgage: 6.48% [1]
– FHA loan limit in Lampasas: $472,030 [2]
Impact on Monthly Payments:
For a $300,000 home, a 30-year fixed mortgage at 7.20% means a monthly payment of approximately $2,058. For a $400,000 home, it jumps to about $2,744 [1].
Local Market Response:
Active listings in Texas have increased by nearly 41% since the second quarter of 2023, offering more choices for buyers [1].
Navigating the Current Rate Environment:
– First-time homebuyers can explore programs like My First Texas Home and Home Sweet Texas Home Loan Program for lower mortgage rates and down payment assistance [3].
– Consider refinancing to tap into equity with a cash-out refinance, especially with property values soaring in Texas [1].
Expert Insights:
Positive inflation data suggest a greater likelihood that mortgage rates will ease up, potentially opening the door for more buyers and sellers [1].
Local Housing Affordability:
The median home sales price in Texas is $345,000, with a 4.6-month supply of inventory, indicating a balanced market [1].
Ready to find your dream home in Lampasas? Let’s discuss how current mortgage rates can impact your homebuying journey. 🏠💬
#LampasasRealEstate #TexasHousingMarket #MortgageRateUpdate
Sources:
1. https://www.bankrate.com/mortgages/mortgage-rates/texas/
2. https://www.lendersa.com/fha-vs-conventional-loan/tx/lampasas
3. https://casaplorer.com/tx/first-time-home-buyer-texas
