Mortgage rates keep Houston homes affordable

During the week ending October 25, the average rate for a 30-year FRM inched higher.Fixed mortgage rates hovered below 4 percent for all but one week so far this year, and remained near these levels last week.During the week ending October 25, the average rate for a 30-year FRM inched higher to 3.41 percent, up from 3.37 percent, according to a report from Freddie Mac. Meanwhile, 15-year fixed-rate mortgages averaged 2.72 percent, an increase from 2.66 percent a week earlier.”Mortgage rates remained relatively unchanged this week and should continue to support the housing market and mortgage refinance,” said Freddie Mac vice president and chief economist Frank Nothaft.Despite the slight gain, buyers interested in Houston real estate may be able to capitalize on the high level of affordability to make the transition to homeownership.Additionally, the average rates for five- and one-year Treasury-indexed hybrid adjustable-rate mortgages hit 2.75 and 2.59 percent, respectively, the report said.The average price of Houston homes increased significantly so far this year, but with mortgage rates hovering near all-time lows, local buyers may still have a number of affordable options.? Real Estate News brought to you by http://www.2mrealty.com/news/2M Realty, a true expert in the online real estate market.

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