Texas Mortgage Rates: Should You Refinance Your Mortgage?
Texas Mortgage Rates: Should you refinance your current mortgage? Have you been considering refinancing your current home mortgage to get a lower interest rate? If so, NOW is the time while Texas mortgage refinance rates are still low. We’re a local Austin mortgage company that can help you with your mortgage refinance needs.
Give us a call today and we’ll get started today! Austin: 512-996-8194 Houston: 713-589-2244
Texas Mortgage Rates in Austin as of 04/20/2009
Mortgage Rates Interest Rate APR
Conforming Home Loans:
30-Year Fixed Mortgage Rate 4.875% 5.086%
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 6.250% 6.399%
Texas FHA Home Loans: (loan limits vary by county)
30-Year Fixed Mortgage Rate 5.000% 5.645%
Texas Mortgage Home Equity Loan
When Should You Refinance?
http://www.chicagotribune.com/features/home/chi-0419-toolkit1-textapr19,0,271614.story
A mortgage refinance push has gained ground as the benchmark 30-year fixed mortgage rate fell below 5 percent. Even President Barack Obama recently touted the benefits of the low interest rates as “good news” for American families following a round-table discussion with homeowners in Washington.
The current average for 30-year fixed mortgage rates, according to Freddie Mac, stood at 4.82 percent Thursday, down from 4.87 percent the previous week. But when should a homeowner make the jump and what should they watch out for in the process?
Christine Benz, director of personal finance for Chicago-based Morningstar Inc., offered the following advice in a recent posting on morningstar.com. http://www.morningstar.com/
Refi fees. She points to a recent survey by Bankrate.com that indicated average closing costs on a $200,000 mortgage nationwide totaled $3,118, not including taxes, insurance or prepaid items, such as homeowner association dues. Refinancing fees likely would be a bit lower, and offset by interest-rate savings, but still would pay off only if you stay put for a few years. http://www.bankrate.com/
Calculate savings. The traditional rule of thumb is a differential of a full point in mortgage rates will result in savings. A mortgage refinance calucalator is available at http://mylendingplace.com/mortgage/rates/calculator/
Check your credit score. Benz says a score of 650 or higher indicates good credit. If your score is lower, your credit has worsened since getting your current mortgage, or if you have had a job loss, you may want to wait until your situation improves to refinance.
Interested in Houston Mortgage Rates visit: http://houstonhouse.net/mortgage-rates/ Or call us: 713-589-2244
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Today’s mortgage rates are slightly higher today. Yesterday they went down briefly and now they are back up. Today’s 30 year mortgage rate is 6.625% and the 15 year mortgage rate is 6.125%. If you are interested in a no-PMI loan or an 80/10/10 or 80/15 please call us today.
