Local mortgage planner John Schutze gives his weekly market update:
“Mortgage rates are EVEN LOWER this week! Rates are benefiting from disappointing news on the job front this morning. The Labor Dept reported a net loss of 131,000 jobs in June. Most of the loss was due to temporary government Census workers ending their seasonal work. Private employers did add 71,000 jobs but it was below expectations of 87,000. This in turn helped mortgage bonds and therefore mortgage rates improve this morning.
30 Year Fixed: 4.125 %
15 Year Fixed: 3.75 %
FHA 30 Year: 4.25 %
VA 30 Year: 4.375 %
5 Yr ARM: 3.25 %
Jumbo 30 Year Fixed: 5.25 %
Jumbo 3 Yr ARM: 3.75 %
30 Year Home Equity: 4.375 %
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™s team helps Austin area buyers plan their mortgage future. Check out his Austin mortgage blog.