Austin mortgage planner John Schutze gives his weekley market update:
œMortgage rates remain low and unchanged from last week!
Mortgage rates were helped by increased demand from foreign investors for US 30 Yr Treasury Bonds (and mortgage bonds). Investors monitor foreign investment is US-based securities and when more foreign money is flowing to the US it’s perceived as a good sign indicating confidence in our US financial system.
Also, the Fed is also continuing to purchase mortgage bonds to the tune of $43 billion over the last 2 weeks. These 2 factors are critical in keeping rates low in the short term.
The current rates on some of our programs are:
30 Year Fixed:4.875 %
15 Year Fixed:4.357 %
FHA 30 Year:4.875 %
VA 30 Year: 5.0 %
5 Yr ARM: 3.875 %
Jumbo 30 Year Fixed:5.75 %
Jumbo 5 Yr ARM:4.5 %
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 the best loan to suit the needs of buyers in Austin, TX. Check out his Austin mortgage blog.
An Austin Realtor is a Realtor ® in Central Austin. You can search Austin homes for sale at his website.