Austin lender John Schutze shares his local mortgage rate update:

œMortgage rates are looking good this week!

Mortgage rates remain low as we end the week though we may see a slight increase before the end of the day thanks in part to the positive July Existing Home Sales Report released today.

Existing home sales were up 7.2% vs. July 2008. Fed Chairman Ben Bernanke also commented today that “the economy appears to be leveling off…”. Of course he also said the recovery would likely be very slow. But investors will take any positive sounding news these days.

As a result the stock market is up over 1% this morning which puts a little pressure on rates to increase.

Weekend Rates

The current rates on some of our programs are:

30 Year Fixed: 4.875 %
15 Year Fixed: 4.25 %
FHA 30 Year: 4.875 %    
VA 30 Year: 5.0 %
5 Yr ARM: 3.75 %
Jumbo 30 Year Fixed: 5.375 %
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 amounts.

John finds loans for home buyers at Bank of America and writes a blog about Austin mortgages. Ask him how first time homebuyers can borrow your downpayment.

An Austin Realtor is a   Realtor ® in Austin, Texas. You can search Austin homes for sale at his website.

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