Austin mortgage lender John Schutze gives a market update before the Labor Day weekend:
œMortgage rates are down .125% this week!
Helping to keep rates low, the unemployment report for August was released today at 9.7%. This is double what it was two years ago and is the highest level in 26 years. Certainly not good for the economy but this type of news will help keep rates down in the short term.
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:3.875%
Jumbo 30 Year Fixed:5.375%
Jumbo 5 Yr ARM: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 Austin area home buyers and writes a blog about Austin mortgages. Ask him how first time buyers can borrow their downpayment before the end of November 2009.