Austin loan guy John Schutze shares his weekend mortgage rate update:

œMortgage rates increased today!

The Jobs Report was released today showing 247,000 jobs lost in July. This was the lowest total job loss since last August. Economist had predicted 328,000 jobs lost so the news was taken as a positive sign the economy might be bottoming out.

After a small drop earlier in the week, mortgage rates jumped .125 to .25% higher today to end the week mostly unchanged from last Friday.

The current rates on some of our programs are:

30 Year Fixed: 5.25           %
15 Year Fixed: 4.625       %
FHA 30 Year: 5.25           %
VA 30 Year: 5.25             %
5 Yr ARM: 4.25           %
Jumbo 30 Year Fixed: 5.875       %
Jumbo 5 Yr ARM: 5.625       %
30 Year Home Equity: 5.25           %

*The above rates are based on a $120,000 Loan Amount with a 1% Origination Fee and 720 credit score (660 score for FHA and VA loans). Some programs require slight adjustments for smaller loan amounts.

John helps with loans at Bank of America and writes a blog about Austin mortgages. He’s experienced with the new TDHCA 90 day downpayment loan program which allows first time buyers to borrow the federal tax credit for use in their closings.

An Austin Realtor is a Real estate agent in Austin, TX.You can search Austin homes for sale at his website.

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