Buyers for Westlake Homes for Sale Take Advantage of Lower Interest Rates
Posted by Brian Talley on October 3rd, 2017
Buyers interested in Westlake homes for sale have good news for financing, as mortgage rates reached their lowest point of the year during the week that ended September 8, 2017, according to the Mortgage Bankers Association and Realtor® Magazine. This was also good news for those looking to refinance their Westlake homes to lower interest rates.
Buyers shopping for Westlake homes for sale were able to take advantage of a 30-year fixed-rate mortgage rate that averaged 4.03 percent, down from a 4.06 percent rate the previous week. This drop in interest rates caused mortgage applications to surge mid-month, with both home purchases and refinances around the country increasing 9.9 percent and likely also increasing a similar percentage among buyers looking for Westlake homes for sale and Eanes Independent School District homes for sale.
Applications for home mortgages increased 11 percent this same week, which is seven percent higher than at the same time in 2016. Applications for home refinances were up nine percent this same week but were still 35 percent lower than at this time in 2016. Many homeowners and investors in the West Lake Hills area choose to refinance their Westlake homes when rates decrease, as most homes in this area of West Austin are in the upper-end luxury range. This means a decrease in interest rates can have a large impact on the total amount due.
Mortgage Bankers Association Economist Joel Kan said the 30-year fixed rate for home mortgages hit its lowest level since the 2016 election. “Rates have decreased almost 20 basis points since mid-July,” he said, perhaps boosting the appeal of Westlake homes for sale.
About the Author: Brain Talley has years of experience of working as a Westlake real estate agent in Austin, Texas. He is quite an expert and he loves to share his expertise with people. He enjoys discussing real estate trends, real estate market news to help people make informed decisions.
