The average rate on a 30-year fixed-rate mortgage fell to 5.88% on Tuesday, according to Bankrate.com.  Since the Fannie Mae & Freddie Mac's whoes and the government rumored takeover, mortgage rates have dipped with hopes that buyers will take advantage of new opportunities to purchase homes on the market. However, with caution lower rates will come with stricter loan approval rules as well. 

Senior financial analyst, Greg McBride at Bankrate.com, stated to USA Today "It still takes good credit, proof of income and money for a down payment. With the government taking over Freddie and Fannie, due to the bad loans on their books, the last thing Uncle Sam is going to do is loosen the lending standards now that the taxpayer is on the hook."

Mortgage Network's Brian Koss stated to USA Today "We got a huge increase of calls over the past two days." Koss adds, "It was pretty much a given five years ago that you'd get the loan. Now, you have all these hurdles you have to go through."

Should you buy now for fear a limited offer will run out?

No, McBride says. Buying a house is like getting married, he says; you don't marry because there's a sale at the bridal shop.  "If you have good credit and money for a down payment, there are some bargains," he says. "But if you're six months away because you need to pay down debt or build up your savings, that's fine. Prices won't run away from you during that time."

Texas has proven to be steady with home sales. I continue to help many families currently move into the Dallas/Ft. Worth area. Feel free to contact me with any questions.

Quoted Sources: Some Info from Bankrate.com, USAToday