Austin loan guy John Schutze shares his weekend mortgage rate update:
œMortgage rates remain mostly unchanged this week.
After falling a bit Monday and Tuesday, rates lost ground as we end the week. As we mentioned last week, the Fed began to sell up to $110B of Treasury Notes this week which can divert investor attention away from Mortgage Bonds.
The demand has been low so far with only 40% being sold to foreign buyers. Foreign purchasing of US based securities including Mortgage Bonds is a major factor keeping rates low.
It’s probably a good time to lock in these rates while we are near 5%!
John helps with loans at Bank of America and writes a blog about Austin mortgages. He’s a good resource to ask more about the TDHCA 90 day downpayment loan program which allows first time buyers to borrow the federal tax credit for use in their closings.