Lone Star borrowers face highest mortgage rates

Texas homeowners face the highest mortgage rates in the country.Although average mortgage rates across the country continue to hover near all-time lows, borrowers in Texas currently face some of the highest in the country.However, this is a double-edged sword, as it is the result of having the strongest real estate market in the country, according to a report from Opera Solutions.?”It's striking to see how the state that has maintained the best LTVs throughout the crisis is also paying the highest weighted average coupon among major markets,” said Opera's Mobiuss Market View vice president Bill Hunt.During the week ending October 11, the average rate from a 30-year fixed-rate mortgage edged higher to 3.39 percent, from 3.36 percent, according to a report from Freddie Mac. Meanwhile, 15-year FRMs hit 2.7 percent, a slight gain from the previous week.Prior to applying for a mortgage to purchase Houston real estate, borrowers should take some time to review their finances, paying extra attention to their credit score. This number can be a deciding factor when lenders set a consumer's individual interest rate. Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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