Low mortgage interest rates lead to good time to buy or refinance

The National Association of Realtors finds home sales were better because of job growth, the stock market and increasing home values combined with low mortgage rates.

Mortgage rates fell throughout May and June, according to Mortgage News Daily. Mortgage interest rates have dropped to 3.875 percent.

Cypress certified mortgage planner Chris Nooney said they're seeing an increase in applications for buying and refinancing.

"With interest rates where they are, we don't know how long they'll stay at this point. If there are people that are on the fence, now's the time to act," said Nooney.

He said refinancing just to refinance doesn't always make sense.

"Refinancing really becomes a strategy, so it has to make sense dependent upon how long the person plans on owning the home," said Nooney.

He added the housing market for half a million dollar and above homes in the Greater Houston area has been slow, so hopefully this will spark buyers.

The Houston Association of Realtors reports in Houston, it's an equal market, but with more options for buyers because our inventory is above the national average.

Unusually Low Mortgage Rates Cause Housing Market Boom

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