Mortgage Drop, East Texas House Hunters Jump - KLTV.com - Tyler, Longview, Jacksonville |ETX News

KLTV (Tyler)

Mortgage Drop, East Texas House Hunters Jump

Roy and Shari Barnes were looking for the perfect house, for the perfect price.

"The monthly payments [are] what we were worried about," said Roy.

"We've been looking, and we wanted to make sure we didn't get into something we could not afford," said Shari. 

Roy said since APR came down, now is the perfect time to buy.

The average rate on a 30-year fixed rate mortgage is down more than a quarter percent--from 5.47 percent to 5.19 percent.  The average 15-year fixed rate mortgage is now at 4.92 percent.

"Those who can buy, will," said Tanya Redic, with Harold Carter Realtors.

"How far down they're going to go, we really don't know," said Margie fisher with PrimeLending.

"The people that are going to stay in their homes are going to refinance and take advantage of that to lower their payments."

Fisher said the new rates could just be what the real estate doctor ordered.

"Anytime we have a boost in activity, that's not going to hurt our values--that's going to help them," she said.  "A lot of our financial stimulus in the country is based around real estate, and we need to keep that strong."

Fisher said even homeowners who are behind on their payments could possibly benefit from the rate decreases. 

"There's programs out their to help you; the government continues to work on more.  Take action now, get with your lender, get a package going," said Fisher.

The overall hope--to make the hunt for home, sweet home, that much sweeter.

Layron Livingston, Reporting.  llivingston@kltv.com 

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