Here’s some pretty good news on mortgage rates for home buyers in Austin. This is John Schutze’s mortgage rate update:
œMortgage rates are holding steady as we end the week!
As we reported last week, on Thursday, April 2nd the Financial Accounting Standards Board (FASB) released it’s ruling and relaxed the mark-to-market accounting guidelines.
This will improve the balance sheet of many banks because they can increase the paper value of certain assets like mortgage securities.
The stock market reacted favorably to this news and has rallied higher most of the week. This puts pressure on mortgage rates to increase. So far rates are trying to hold, but we may see them increase .125% to .25% or so as we move into next week.
John™s Austin mortgage blog is a neat tool to learn more about what fluctuations in the mortgage market.