Rates eased again and builders are still paying down rates. Here is what that means for you.
Rates moved the right way again. Freddie Mac has the 30 year at 7.24%, the second weekly drop in a row. It is still about a point higher than a year ago, so I am not calling it a turn. I am calling it a little breathing room.
Renters. Average rent in the Lake Houston area ran about $1,600 a month last year, and about $1,993 in Kingwood. If you are paying that and wondering whether you could own, let’s run real numbers before you sign another lease.
Buyers. Builders are still doing the heavy lifting on rates. Century’s rate specials need a contract by Nov. 16. David Weekley’s ARM starts at 2.99% for the first year. D.R. Horton has a 5.50% fixed rate through its own lender. Every one of them has fine print, a required lender and a deadline. Read it before you fall in love with a model home, and bring your own agent on the first visit.
Homeowners. The first freeze will get here sooner or later. If you are on City of Houston water, the city asks you not to drip your faucets. If you are on a MUD, check with your district. Find your main water shutoff now, not in the middle of a cold night.
Questions about any of this? Call or text me at 832-797-3780.
Michael O’Neal
