Austin loan officer John Schutze shares his weekend mortgage rate update:
œMortgage rates are down this week!
The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent this week. It also reiterated plans to support the mortgage market to the tune of $1.5 trillion.
This means the Fed will continue to purchase mortgages at artificially low rates at least through the end of the year. Mortgage rates reacted by dropping steadily Wednesday, Thursday and today.
Though we aren’t usually an advocate for ARM’s in most cases, check out the 5 year ARM….3.875%!
The current rates on some of our programs are:
30 Year Fixed: 5.0%
15 Year Fixed: 4.375%
FHA 30 Year: 4.875 %
VA 30 Year: 5.0%
5 Yr ARM: 3.875%
Jumbo 30 Year Fixed: 5.5%
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 connects home buyers with loans at Bank of America and writes a blog about Austin mortgages. Ask him how first time homebuyers can borrow your downpayment.