Interest Rates Motivate the Home Market in Lakewood, East Dallas - Update the Metroplex
Lakewood, The Update

Interest Rates Motivate the Home Market in Lakewood, East Dallas

01/14/2016

The home at 3744 W. Bay Circle sits on White Rock Lake, the jewel of East Dallas.

Photos and video / Briggs Freeman Sotheby’s International Realty

 

When the Federal Reserve closed out 2015 with the first increase in interest rates in nearly a decade, they may have opened the door to buyers and sellers in Lakewood and East Dallas considering a move.

“While interest rates are still low at about 4 percent, the change is motivating buyers who have been sitting on the sidelines,” says Bobby Sillers, Residential Mortgage Loan Originator at Ascent Home Lending. “Meanwhile, sellers see this as a great time to list a home, before rates climb higher and buying power shrinks.”

 

Mortgage Math

As recent as the summer of 2009, we saw interest rates holding steady at 6%.
On a $500,000 home with 20% down at 6%, the principle and interest payment is $2,398 per month.

On the same loan at a rate of 4%, principle and interest is $1,909 per month.

That’s a monthly savings of $488.

Most people stay in their home for about 5½ years, and at 4%, that savings is about $32,000.

In fact, to qualify for the same $500,000 home at 6%, you need to make $13,000 per year more than if you were securing a loan at 4%.

For more information on home loans, contact Bobby Sillers at ascenthomelending.com.

 

Homes currently available in Lakewood and East Dallas:

6438 Sunnyland Lane | Lakewood

6438 Sunnyland Lane 75214, Lakewood, Natalie Hatchett, Briggs Freeman Sotheby's luxury homes for sale in Dallas-kitchen

5803 Swiss Avenue | Swiss Avenue Historic District

5803 Swiss Avenue Dallas 75214, Elizabeth Mast, Briggs Freeman Sotheby's luxury homes for sale in East Dallas-exterior

6119 Richmond Avenue | Lakewood
6119 Richmond Avenue 75214, East Dallas, Cathy Orr Barton, Briggs Freeman Sotheby's luxury home for sale in Dallas Fort Worth-living2
5506 Monticello Avenue | M Streets

5506 Monticello Avenue 75206, M Streets, East Dallas, Alex Trusler, Briggs Freeman Sotheby's luxury home for sale in Dallas-exterior

7142 Shook Avenue | Lakewood

7142 Shook Avenue 75214, Lakewood, Scott Carlson, Briggs Freeman Sotheby's luxury homes for sale in Dallas-sitting

Learn more about living in Lakewood and East Dallas. Visit the Best Neighborhoods Site in DFW.

For more luxury homes throughout North Texas, see briggsfreeman.com. President and CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty with offices in Dallas, Fort Worth, Uptown, Lakewood, Ranch and Land, The Ballpark and Southlake.

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