Austin mortgage planner John Schutze gives his weekley market update:
œMortgage rates are mostly unchanged from last week…but watch out!
Mortgage rates have been under a little pressure to move higher as the stock market rallied this week. Also new home starts for August were 598,000 which was slightly higher than expected. Good economic news tends to push rates higher.
Furthermore, the Consumer Price Index and the Producer Price Index were released this week and showed a slight increase in prices (or a small increase in inflation). Inflation is bad for rates. So far, the above mentioned news hasn’t moved rates significantly, but we need to keep a close watch!
The current rates on some of our programs are:
30 Year Fixed:4.875 %
15 Year Fixed:4.357 %
FHA 30 Year:5.0 %
VA 30 Year: 5.0 %
5 Yr ARM: 3.875 %
Jumbo 30 Year Fixed:5.875 %
Jumbo 5 Yr ARM:5.125 %
30 Year Home Equity:5.0 %
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 amount
John finds buyers the right loan for their Austin home purchase. Check out his Austin mortgage blog.