Mortgage rates are decreasing and are projected to continue on that path.
Loan officers and real estate agents in El Paso tell KTSM more people who previously didn’t qualify to buy a home can now qualify because of the lower mortgage rates. However they wanna make sure buyers always take into consideration paying property taxes.
As we reported, El Paso city leaders proposed a 4 cent increase in the city’s property tax rate for next year’s budget. That’s about $64 more a year on a $100,000 home
While increased taxes can mean having a larger monthly mortgage payment, loan officers said the decreased mortgage loan rates could help buyers save about $50 a month.
“Even though property taxes are going up, people are going to have that purchasing power to purchase that house that normally if the rates hadn’t dropped because property taxes are going up, they wouldn’t be in the market. I think that’s what makes it exciting for El Pasoans,” said Joe Avila. He is a mortgage branch manager for First Community Mortgage.
GECU Chief Loan Officer Hazel Kennedy said when mortagage rates decrease some current home owners refinance to have a lower monthly payment.
There is a home buying seminar going on this weekend for those interested in getting more information.