SecondSheltersBlog: Because you can never have too many homes

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Inside Dallas Real Estate News:
One Down in 36 Hours (Becky Frey) and Doris Does Beverly Drive
Written by Candy Evans on June 3, 2011

“Then I hit the high ground where everything’s coming up roses, particularly in the high end. I’m talking below $500,000, if it’s a really great house. Becky Frey put a Disney Streets property on just this past weekend and got six offers in 36 hours. They accepted one that was even OVER asking. (Just writing that gave me deja vue. Chilling!) She’s got a house down the street from me under option – gorgeous home, listed in January. The good stuff, good location, priced right, is going out the door.”

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Interest Rates at Historical Low

Astonishing! Lenders are saying that it’s still a fantastic time to refinance, and it’s an exceptionally fantastic time to purchase a primary residence or second home. Mortgage interest rates are within one-tenth (1/10) of one percent (1.00%) of their historic lows, and home prices are low as well. Here’s a graph of Texas rates* (from June 2008 to the present ) for a 15-year fixed-rate mortgage:

 

Thanks to James A. Clutch Jr., at EchoPoint Mortgage, for delivering this information. James also adds: The interest rate a typical 30-year mortgage loan would currently bear (say, 4.50%*) is less than one-half of what it was in 1991 (roughly 10.125% back then), and less than one-third of what it was in 1982 (about 17.25% at that time).