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Is home ownership really still part of the American dream? After the events of the recession and the bursting of the housing bubble, this is a fair question. Texas fared far better than other parts of the country, but $8 trillion dollars in home equity wealth was lost, and many families were traumatized by the loss of their home.
What You Should Know About Interest Rates
The interest rate for a 30-year fixed mortgage hit a record high of 18.45% in October 1981. This is more than 15 points higher than its all-time low of 3.31% in November 2012. On a $200,000 mortgage, that would amount to a difference of about $2,200 in a monthly mortgage payment. Today's rates are still at near-record lows. At an average of 4.2% for April 2017, a monthly payment on the same mortgage would be about $1,000.
What to Expect from a Real Estate Agent In the competitive Texas home market, you need an advocate and a guide. A competent and experienced real estate agent knows when new homes come on the market, knows market values, and knows how to write a contract to protect your interests. You would not perform your own tooth extraction; don’t go it on your own when making the largest purchase of your life.
Call Austin's #1 mortgage team at (512) 997-HOME (4663) or (800) 476-8409.
Why You Should Buy Your Home Now
Consider these three reasons for taking action now:
While the housing crisis did impact the desire to own, it did not have a long-term effect. The American dream of owning a home lives on.