Thinking of buying? Winter is a great time!

Everyone knows mortgage rates have been at the extreme low end of the spectrum for some time now. The question is: how long before the rates start creeping up? This is a case that whatever goes down, must eventually go back up. Not only that, but we are still in the middle of winter, when the rates usually are better than the other times of the year.

Lenders are willing to routinely offer a discount of almost 20 basis points in January, as compared to other times of the year. If you took out a mortgage in July at 3.5%, this month you may have gotten it at 3.3%. But if you miss out in January, remember that December and February are the next-best (cheapest) months to shop for a loan.

What does this mean to us? Just like what is happening across the U.S., the housing market here in the Houston and surrounding areas has been very hot, with a majority of properties getting multiple offers. So even though it’s supposed to be a slow season, it has been very competitive for buyers, with many properties selling for above asking price. People are taking advantage of the super-low rates, and if you’ve been thinking of buying and have been on the sidelines, you may be missing out on an opportunity that only comes along once in a blue moon.