Mortgage rates have fallen to a historic low. NEXT: See what Houston’s average home price buys 
Mission Bend: 2911 Leila Bend Court 
This spacious west home spans 3,572 square feet. 
Its foyer welcomes guests into a two-story grand room. 
The open-layout floor plan makes it ideal for entertaining. 
High ceilings add to its appeal. 
Natural light floods the main room. 
Being in the outskirts means your dollar buys a larger backyard. 
Northside: 405 Hogan Street 
Northside: 405 Hogan Street 
What this cool, modern home lacks on the outside, it makes up for inside. 
Much closer to downtown Houston, this space is among the smallest this budget can purchase. 
The sleek architectural details open up the cozy den. 
City living means less interior space for the average budget. 
Hardwood floors are a coveted feature. 
The large kitchen opens up to the living space. 
A landing offers a peek oustide. 
Double doors lead to the master suite’s bathroom. 
A luxurious bath. 
Champions area: 5210 Three Oaks Circle 
Built in 1972, this five bedroom home is among the older properties in this collection. 
It’s in the Champions area, north of central Houston. 
Low ceilings reveal its age. 
An updated kitchen. 
Master suite has its own seating area. 
The renovated master bath. 
Tall trees offer shade in the large backyard. 
Cypress North: 12006 Normont Drive 
Beams add architectural flair to this Cypress-area residence. 
Wood paneling adds to the interior’s flair. 
A swimming pool offers a respite from Houston’s hot summers. 
A view of the pool from the patio. 
The kitchen is large but could call for some upgrades. 
Cypress North: 12006 Normont Drive
Mortgages have hit a record low, and there’s a possibility they could fall below 3 percent, government-sponsored mortgage-finance company Freddie Mac reported.
The average rate for a 30-year fixed-rate mortgage fell to 3.07 percent over the last week.
“Mortgage rates continue to slowly drift downward with a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3 percent later this year,” wrote the company in its mortgage rate report.
The downward drift is caused in large part by economic uncertainty surrounding the path the novel coronavirus is charting as it resurges in many states.
HOME SALES: KB Home sees pandemic disrupt second quarter home sales
“On the economic front, incoming data suggest the rebound in economic activity has paused in the last couple of weeks with modest declines in consumer spending and a pullback in purchase activity,” the report said.
Nervous investors are seeking safer investments and pouring money into government bonds and mortgage debt — much of it backed by Freddie Mac and its sister government-sponsored mortgage company Fannie Mae. Investors are so hungry for security that they are willing accept lower yields, driving the interest paid on bonds and mortgages.
Because bond and mortgage rates respond to similar stimuli, the yield on 10-year U.S. Treasury bonds and mortgage rates tend to move in lockstep. But, as Freddie Mac noted, while the yields for a 10-year Treasury bond have dropped more than a full percentage point this year, mortgage rates have only declined by one-third of a point. Mortgage rates were not able to move downward as slowly because of volume of refinancing requests looking to take advantage of historically low rates clogged the system. As that surge in demand is absorbed, rates are expected to slowly fall back in line with Treasury bond yields.
