Weekly Mortgage Rate Market Update for Texas 2.24.23
Hi everyone. It’s Friday, February 24th and I’m coming to you with the mortgage rate and Real Estate market update for Dallas Texas. Unfortunately, it was not a good week for mortgage rates. Interest rates climbed this week by as much as .375% on some products. Basically, the work that the Fed is doing to slow down inflation is not working as well as the market wanted it.
You may have noticed a selloff in the stock market and bonds. This was triggered by the February jobs report. It affected mortgage rates this week. Stay tuned to this video and you’ll see today’s rates for FHA, conventional, and VA home loans. The next job report is on the 10th of March, my experts are telling me that this report may reverse the upward trend.
We did have some good news this week in that HUD has lowered the monthly mortgage insurance premium for FHA home buyers from .85% to .55%. This is great news for most home buyers if you’re using FHA. For a borrower purchasing a $400,000 home and putting just 3 1/2% down, this represents a savings of $96.39 per month. It also helps home buyers qualify for more of a purchase price, obviously, because their payment is lower.
We will start honoring Those lower mortgage insurance premiums on loans that close after. February 27th, 2023. If you want a lower mortgage rate, just ask, we deliver. Get a quote today here.
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Nexa Mortgage NMLS# 1660690
7820 Hague Ct Plano, TX 75025
Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. Nexa Mortgage is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualifications. Rates and fees are subject to change without notice.