Today’s Low 30 year fixed mortgage rate in Austin: Mortgage refinance rates are at a record low! Are you interested in getting a much lower interest rate than your existing home mortgage loan? Give us a call! We’re a local Austin mortgage company that can help you TODAY! 512-996-8194 

Austin’s Current Rates  as of 03/28/2009          
Mortgage Rate                    Interest Rate      APR
Conforming Loans: 
30-Year Fixed Mortgage Rate   4.625%   4.833%
20-Year Fixed Mortgage Rate   5.000%   5.289%
15-Year Fixed Mortgage Rate   4.500%   4.862%

Texas Jumbo Home Loans:  (Amounts that exceed $417,000)
30-Year Fixed Mortgage Rate   6.500%   6.651%

Texas FHA Home Loans:  (loan limits vary by county) 
30-Year Fixed Mortgage Rate   5.000%   5.645%

Mortgage Rates Drop To Record Low:             

http://finance.yahoo.com:80/news/Mortgage-rates-drop-to-record-apf-14754632.html

WASHINGTON (AP) — Rates on 30-year fixed mortgages fell this week to the lowest level on record after the Federal Reserve launched a new effort to assist the staggering U.S. housing market.

 Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.85 percent this week, from 4.98 percent last week. It was the lowest in the history of Freddie Mac’s survey, which dates back to 1971 and was down a full percentage point from a year ago.

http://money.cnn.com/2009/03/26/real_estate/mortgage_rates/index.htm

The previous record low of 4.96 percent was set in the week of Jan. 15. Rates fell after the Fed last week said it will pump $1.2 trillion into the economy in an effort to lower interest rates on mortgages and loosen credit.

Rates on 30-year mortgages traditionally track yields on long-term government debt.

Though the yield on the benchmark 10-year Treasury note initially plunged by about 0.5 percentage points after the Fed’s move, lenders did not pass the entire drop on to borrowers. Bond yields rose after worries about what some saw as lackluster demand at a government debt auction Wednesday.  http://mylendingplace.com:80/mortgage/rates/30-year-fixed-rates/

“There was a honeymoon effect initially” after the central bank’s announcement, said Greg McBride, senior financial analyst with Bankrate.com. “The reality of large government deficits and the need for substantial government borrowing is setting in with investors.”

Mortgage refinance applications surged last week, mostly from borrowers looking to refinance and save money on their monthly payment. The Mortgage Bankers Association said Wednesday its weekly application index climbed more than 30 percent for the week ended March 20.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a_7KVrbmxVnQ

Nearly 80 percent of applications came from borrowers seeking to refinance home loans at lower rates, rather than purchase homes.

In Freddie Mac’s survey, the average rate on a 15-year fixed-rate mortgage dropped to 4.58 percent this week, down from 4.61 percent last week.

Rates on five-year, adjustable-rate mortgages fell to 4.96 percent, compared with 4.98 percent last week. Rates on one-year, adjustable-rate mortgages rose fell to 4.85 percent, from 4.91 percent.

The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point last week for all home mortgages in Freddie Mac’s survey except for one-year adjustable mortgages, which had an average fee of 0.6 point.

Call us in Austin: 512-996-8194 or in Houston: 713-589-2244               

Today’s 30 Year Fixed and 15 Year Fixed Mortgage Refinance Rates: If you’re interested in the current low mortgage refinance rates, give us a call today. We help people all over Texas purchase homes, refinance existing homes and take home equity loans. We’re a local Austin mortgage company that can answer all your mortgage refinance questions.

Give us a call today!   In Austin: 512-996-8194   In Houston: 713-589-2244

Austin’s Current Rates as of 03/25/2009
Mortgage Rate             Interest Rate APR
Conforming Home Loans: 
30-Year Fixed Mortgage Rate    4.625%   4.833%
20-Year Fixed Mortgage Rate    5.000%   5.289%
15-Year Fixed Mortgage Rate    4.625%   4.989%

Texas Jumbo Home Loans: (Amounts that exceed $417,000) 
30-Year Fixed Mortgage Rate    6.500%   6.651%

Texas FHA Home Loans: (loan limits vary by county) 
30-Year Fixed Mortgage Rate    5.000%   5.645%

Texas Mortgage Refinance Home Equity Loan                                                                              

MBA Boosts Mortgage Originations Forecast By Over $800 Billion:

http://www.mbaa.org/NewsandMedia/PressCenter/68196.htm?Sort=MostRecent

Washington, DC (March 24, 2009) — The Mortgage Bankers Association today increased its forecast of home mortgage refinance originations in 2009 by over $800 billion.  MBA now expects originations to total $2.78 trillion, which would make 2009 the fourth highest originations year on record, behind only 2002, 2003, 2005. 

This boost is due entirely to the expected increase in mortgage refinancing activity motivated by the drop in mortgage interest rates following last week’s Federal Reserve’s announcement on the Treasury bond and mortgage-backed securities purchases programs and the Fannie Mae and Freddie Mac refinance programs.  MBA lowered slightly its forecast of mortgage originations tied to home purchases.

Take advantage of the low mortgage refinance rates! Give us call today to discuss your mortgage refinance needs and goals: In Austin: 512-996-8194 In Houston: 713-589-2244

“While the Fed has not announced that it is targeting specific rates for either 10-year Treasury rates or rates on 30-year fixed-rate mortgages, the effect of having the Fed bid in the market for a sustained period is enough to create a refinance incentive for a tremendous number of homeowners.  The vast majority of mortgages originated before the latter part of 2008 are probably going to have at least a 50 basis point refinance incentive for at least the next several months, with current mortgage rates hitting lows not seen since the early 1950s and late 1940s,” said Jay Brinkmann, MBA’s Chief Economist and Senior Vice President of Research and Economics.

http://mylendingplace.com/mortgage/rates/refinance/

“Even with amazingly low mortgage interest rates, lower home prices and the first-time homebuyers tax credit, it is unlikely that we will see an increase in overall home sales until we see some stabilization of employment,”  Brinkmann said.

MBA projects that total existing home sales for 2009 will drop 2.5 percent from 2008 to 4.8 million units.  New home sales will decline about 39 percent in 2009 from 2008 to 293,000 units.  Median home prices for new and existing homes will continue to fall, dropping by about five to six percent from 2008 levels.

Referring to the mortgage refinance forecast, Brinkmann said, “This level of originations will test the operational capacity of a number of mortgage banking firms for multiple reasons.  First, the reduced availability of warehouse lines of credit could limit the ability of a number of independent mortgage bankers to handle this volume in a short period of time.  Second, the capacity burdens will be borne by the retail channel of loan officers working out of branch offices as the mortgage broker channel for originations is considerably diminished since the last refinance wave.  Third, the epidemic of fraud against lenders over the last several years is leading to closer scrutiny of documentation and appraisals.  Fourth, loan servicers that were already burdened with loan delinquencies and workouts are going to be faced with massive churn in their portfolios as old loans are paid off and new mortgage loans booked.”

http://www.statesman.com/business/content/business/stories/other/03/24/0324homesales.html

Today’s Mortgage Refinance Rate in Austin: Are you an Austin homeowner interested in refinancing your existing loan? Are you interested in a Home Equity Loan? We’re a local Austin mortgage company that can help you today with your mortgage refinance needs.    Give us a call: 512-996-8194

Austin’s Current Rates as of 03/22/2009
Mortgage Rate                          Interest Rate   APR
Conforming Loans  
30-Year Fixed Mortgage Rate     4.625%   4.833%
20-Year Fixed Mortgage Rate     5.000%   5.289%
15-Year Fixed Mortgage Rate     4.625%   4.989%
Texas Jumbo Loans – Amounts that exceed $417,000 
30-Year Fixed Mortgage Rate     6.500%   6.651%
Texas FHA – loan limits vary by county. 
30-Year Fixed Mortgage Rate     5.000%   5.645%

Texas Mortgage Refinance Home Equity Loan

BofA out to make jumbo loans                                               

http://www.inman.com/news/2009/03/20/bofa-out-make-jumbo-loans?page=0%2C0

Bank of America has cut interest rates on jumbo mortgage loans in the hopes of expanding its share of what the bank sees as an underserved market for loans too big for purchase or guarantee by Fannie Mae and Freddie Mac.

Not everybody will qualify for the 30-year fixed-rate loans of up to $3 million that Bank of America has been offering at reduced rates since January, with interest rates currently in the high 5 percent range.

In order to qualify, borrowers will need strong credit (a 720 FICO score or above), down payments of 20 percent or more, documented income, full appraisals, and assets sufficient to cover six months of payments, said Bank of America product management executive Vijay Lala.

http://www.mortgagenewsdaily.com/03232009_existing_home_sales.asp

But Bank of America thinks its fixed-rate jumbo loans will prove to be attractive to qualifying borrowers, because many competitors will be hard-pressed to match its rates.

Jumbo loans have become more expensive and harder to come by since September 2007, when rising delinquencies gave investors who fund most home loans through the purchases of mortgage-backed securities cold feet about “private label” securities that don’t carry the backing of Fannie and Freddie.

Unlike some lenders who must securitize and sell the loans they originate, Lala said Bank of America has plenty of room on its balance sheet to fund jumbo loans and hold them for investment, and is “putting the pedal down on our pricing and going after this market.”

Lala said Bank of America and Countrywide Financial Corp., which it acquired last year, funded $16.12 billion in jumbo loans in 2008. Although jumbo loan funding dropped to just $2.4 billion in the fourth quarter, Bank of America is already seeing “very nice volume” since introducing its more aggressive pricing.

http://www.statesman.com/business/content/business/stories/other/03/20/0320homesales.html

Bank of America will only offer the loans directly to consumers — and not through independent mortgage brokers — through retail bank branches and Countrywide Home Loans (which will be re-branded Bank of America Home Loans on April 22). Lala said he expects many borrowers will be existing Bank of America customers.

The loans are aimed not only at homebuyers, but homeowners with adjustable-rate mortgage (ARM) jumbo loans who are looking to refinance at better rates. For both purchases and refinancings, the loan-to-value ratio can’t exceed 80 percent on loans up to $1.5 million, or 70 percent on loans up to $3 million.

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Interested in the Current 30 Year Fixed Mortgage Rates? Are you interested in purchasing or refinancing a home and want to take advantage of the low mortgage refinance rates? We’re a local Austin mortgage refinance company that can offer you the lowest closing costs. Need a current rate quote? Call us today: 512-996-8194

Today’s Rates in Austin as of 03/19/2009     
Mortgage Rate                   Interest Rate    APR
Conforming Loans 
30-Year Fixed Mortgage Rate    4.625%    4.833%
20-Year Fixed Mortgage Rate    4.875%    5.163%
15-Year Fixed Mortgage Rate    4.500%    4.862%
Texas Jumbo Loans – Amounts that exceed $417,000 
30-Year Fixed Mortgage Rate    6.500%    6.651%
Texas FHA – loan limits vary by county. 
30-Year Fixed Mortgage Rate    5.000%    5.645%

Mortgage applications spike                   

Refinancings soar as home loan rates fall after the government’s actions to stabilize housing.

http://money.cnn.com/2009/03/18/news/economy/mortgage_applications.reut/index.htm

NEW YORK (Reuters) — U.S. mortgage applications surged in the latest week, driven by a spike in demand for refinancing as the average rate on 30-year fixed-rate home loans fell, the Mortgage Bankers Association said on Wednesday.

 Refinancing applications jumped 30% in the week ended March 13 as the borrowing rate dipped 0.07 percentage point to 4.89%, tying the record low reached in early January in a survey that dates to 1990.

The MBA’s market index, which includes both purchase and refinance loans, jumped 21.2% to 876.9, the highest since mid-January. But purchase applications rose just 1.5% last week to 257.1, a one-month high.

The Mortgage Bankers Association said its seasonally adjusted refinancing applications index jumped 29.6% in the week ended March 13 to 4,497.6, also the highest level since mid-January.

Home loan rates have fallen as the government has purchased more than $250 billion of mortgage-related assets and announced unprecedented steps to stabilize the deepest housing slump since the Great Depression.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a_h4PguuI2L0&refer=home

A year ago, the average rate on a 30-year mortgage was closer to 6%.

The Federal Reserve purchases of mortgage-related assets is nearing the half-way mark targeted by the end of June to help cut mortgage costs and revive housing. The programs are widely expected to be expanded to bring borrowing costs down, stimulate purchases and help struggling homeowners to refinance and avert foreclosure.

Demand for purchases has been lagging refinancing applications. While homeowners are often compelled to cut current costs, worries about job loss or hopes that prices will cheapen further have keep many potential buyers at bay. Refinancing requests represented about 73% of all mortgage applications last week.    

      Call us today: Austin: 512-996-8194 OR Houston: 713-589-2244