What is Happening in the Mortgage Market

Yet another reports show now is the best time to buy - especially in the Dallas and Fort Worth Texas areas. Home sales in Dallas rose 16% and Houston rose 11% over last November, indicating lots of activity in both cities. The median home price in Dallas declined though, dropping 2% to $151,100 from last November while Houston grew 2% from 2010 to $153,800.

Existing single-family home sales in Texas rose 9% from a year ago in November, according to a report published by Texas A&M University 15,000 homes sold statewide, with the median home price increasing to $147,600. That is up 1% from November 2010 levels.

State wide the current inventory of homes sits at a 6.6-month supply.Other areas experiencing price increases included Abilene, Arlington, Austin, Houston, Longview-Marshall, Lubbock and McAllen.

In Abilene alone, median home prices increased 47% over a year ago.Prices declined year-over-year in Amarillo, Bryan-College Station, Laredo, Odessa, San Antonio and Texarkana.

Mortgage Rates at Record Lows

According to CNN Money now is the time to buy or refinance.

Why rent when you can buy? This is what it could cost you.

If you purchase a $200,000 single family home and put 3.5% down using an FHA 30 year fixed mortgage, your monthly payments would be $1239.31 including estimated tax and insurance. If you wait a year, and let interest rates move back up to the high 4's and in the case of Houston, the sales price increases 2% you would pay $204,000 for the home and your payment would be $1458.44 a monthly difference of $219.13.

Get a free pre-approval or second opinion today!  Click here to apply now.Richard Woodward  Banker / Senior Branch Manager, NMLS ID 217454

Envoy Mortgage - When Trusted Advice Counts

Office: (972) 661-5136  17440 Dallas Parkway Suite 118 Dallas, TX 75287

Texas Mortgage Banker Registration #45300 NMLS ID 6666