Statistics released recently by government-backed mortgage giant Freddie Mac indicate that rates for home loans are steadily increasing across the board, indicating a possible revival of the market.
The average rate for 30-year fixed-rate mortgages spiked from 4.81 percent at the beginning of February to 5.05 percent ten days in, according to Freddie Mac. The current rate is also higher than the same measurement taken a year ago, the company adds.
The rates, according to Freddie Mac vice president and chief economist Frank Nothaft, are the highest they have been since last April.
"Long-term bond yields jumped on positive economic data reports, which placed upward pressure on mortgage rates this week. For all of 2010, nonfarm productivity rose 3.6 percent, the most since 2002, while January's unemployment rate unexpectedly fell from 9.4 percent to 9 percent. Moreover, the service industry expanded in January at the fastest pace since August 2005," he said, detailing some of the reasons behind the change.
Houston real estate, like property around the country, could command increased prices despite still-strong sales, experts say.