For those who can qualify for a mortgage loan during this "Big Daddy Belt Tightening Credit Crunch" now is the time to buy! Interest rates are at an all time low and home prices are very affordable. 

According to Freddie Mac, buyer of residential mortgages, reported that this data goes back to 1971 which then the rate was about 4.60.  Can you imagine paying only $90 a month for a mortgage. But lets consider now that the Mortgage Insurance Premium is now 1% of your loan for all FHA loans as of April 9th.  Interest Rates go down and FHA decides the increase in MIP will help create more revenue.

As for Houston Home Affordability it still continues in a positive trend.  According to statistics from the Houston Association of Realtors the Affordabily index has increased over the past year but homes prices have steadily increased over the last 3 months and pending sales is up 24% over last year.

Houston we are looking good!