These days, single-family homes face a severe inventory shortage as buyers continue to take full advantage of extraordinarily low interest rates that help keep monthly payments down. “Current rates on a conventional, 30-year mortgage with a 20% down payment are at their lowest since at least 1971, helping to keep monthly mortgage payments exceptionally low — and affordability high — even as bottom-line prices keep rising.” reports a new study from Zillow. What does that mean for you in the coming months? Keep reading below to find out!
Houston’s housing market continues to soar to record-breaking highs, and with new home builders rushing to meet buyer demands, we don’t see that momentum ceasing anytime soon. However, fence-sitters be warned—the expansion of buying power, all thanks to COVID-19 impacted mortgage rate lows won’t last forever. “Waiting to buy in Houston could mean higher mortgage payments,” says a recent article from Houston Agent Magazine. As the economy recovers from the 2020 pandemic, rates are inevitably expected to tick upwards after the first quarter of 2021.
With interest rates expected to jump up from the current rate of 2.68%, averaging a mortgage payment of $740 to an increase of $833 if interest rates creep up to 3%, why wait? Lennar has several models opening in February, like the nuHome and Lennar community of Winward in Katy, TX offering 13 incredible floorplans starting from just the $180,000s. Winward is zoned to Peter McElwain Elementary, Katy Junior High, and Patricia E. Paetow High School, all boasting TEA District “A” ratings within Katy ISD. For families interested in transferring to one of the finest school districts in the Houston area, Winward’s affordable price point has an undeniable appeal. For more information on finding your dream home or to get prequalified and secure a low mortgage rate, call 888-960-5755 or visit https://www.lennar.com/home/historical_rates today!