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

Have you been considering refinancing your existing home loan? Are you unsure of what type of mortgage refinance loan best fits your needs? Would you like to take advantage of the low rates before they increase? We are a local Austin mortgage company that can answer your questions and help guide you in the right direction.

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

Austin’s Current Rates as of 03/03/2009         
Mortgage Rates             Interest Rate        APR
Conforming Loans 
30-Year Fixed Mortgage Rate 5.000% 5.213%
20-Year Fixed Mortgage Rate 5.125% 5.416%
15-Year Fixed Mortgage Rate 4.750% 5.115%
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 5.500% 6.170%

U.S. MBA’s Mortgage Applications Index Fell 15.1% Last Week:

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a67qxpo7AN_w

Feb. 25 (Bloomberg) — Mortgage applications in the U.S. fell last week as higher borrowing costs tempered refinancing.

The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan decreased 15.1 percent to 743.5 in the week ended Feb. 20 from 875.3 in the prior week. The group’s refinancing measure dropped 19.1 percent and the purchase index slipped 2.6 percent.

Owners may be waiting for President Barack Obama’s $275 billion plan, aimed at making refinancing easier, to go into effect early next month. Even so, ongoing declines in prices and rising inventories signal no end in sight to the housing crisis at the center of the longest recession in a quarter century.

http://www.mortgagenewsdaily.com:80/02192009_Mortgage_Rates.asp

“Some people may be waiting to see the final details of the Obama plan before they jump in,” Celia Chen, an economist at Moody’s Economy.com in West Chester, Pennsylvania, said before the report. “Demand for homes still remains weak and that’s because job losses continue to mount.”

The refinancing gauge decreased to 3,618 after surging 64 percent to 4,472.9 a week earlier. The mortgage bankers’ purchase index fell to 250.5 from 257.3.

The average rate on a 30-year fixed loan climbed to 5.07 percent from 4.99 percent the prior week, the second-lowest level on record. The rate reached a record-low 4.89 percent in mid- January.

Mortgage rates have plunged since early December when the Federal Reserve announced it would buy Fannie Mae, Freddie Mac and Ginnie Mae-backed mortgage securities. The move pushed down yields on the mortgage bonds relative to Treasury notes.

The share of mortgage applicants seeking to refinance loans decreased to 69.7 percent of total applications from 74 percent the prior week.

http://realestate.yahoo.com/loans/trends.html;_ylt=AjLSqvg.cBH1kMKaIMxaTU.PvYl4

At the current rate, monthly borrowing costs for each $100,000 of a loan would be $541.11, compared with $617.02 a year ago.

The average rate on a 15-year fixed mortgage rose to 4.71 percent from 4.66 percent the prior week. The rate on a one-year adjustable-rate mortgage climbed to 6.13 percent from 6.10 percent.

A report from the National Association of Realtors at 10 a.m. today may show sales of existing homes rose 1.1 percent in January to a 4.79 million annual rate, according to the median estimate of economists surveyed by Bloomberg. Foreclosure-driven declines in prices are attracting bargain hunters.

http://www.zillow.com/Mortgage_Rates/

Builders, unable to match the decline in prices of existing homes, are hemorrhaging. Pulte Homes Inc., the largest U.S. homebuilder, this month reported its ninth consecutive quarterly loss.

The “environment took yet another step down during the fourth quarter of 2008,” Richard Dugas, Pulte’s chief executive officer, said in the statement. “Consumers faced unprecedented levels of financial uncertainty that dramatically impacted purchases of all large-ticket items, especially homes.”

 Apply Online Or Give us a call Austin: 512-996-8194 / Houston: 713-589-2244

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As rates continue to fall, we continue to help Texas homeowners with their Fixed Mortgage Refinance Rates and Home Equity Loan needs. We can help you: CALL US in Austin 512-996-8194 or Houston 713-589-2244.

         as of 02/17/2009                                     
Mortgage Rate                     Interest Rate    APR
Conforming Loans 
30-Year Fixed Mortgage Rate   5.000%         5.213%
20-Year Fixed Mortgage Rate   5.125%         5.416%
15-Year Fixed Mortgage Rate   4.750%         5.115% 
Texas Jumbo Loans – Amounts that exceed $417,000 
30-Year Fixed Mortgage Rate   6.625%         6.778%
Texas FHA – loan limits vary by county. 
30-Year Fixed Mortgage Rate   5.500%         6.170% 

Texas Mortgage Refinance Home Equity Loan                                                

Mortgage Rates Continue To Fall In Uncertain Times:

http://www.bankrate.com/brm/static/mortgage-analysis.asp

Mortgage rates fell this week as investors wondered what the Obama administration will do to fix the broken banking system.

The drop in rates occurred Tuesday afternoon, in the hours after Treasury Secretary Tim Geithner delivered a speech that was low on details about the administration’s financial rescue plan. Geithner said the government is still hatching a $50 billion plan to prevent foreclosures and a bigger proposal to create an entity that would buy troubled assets from banks.   

        http://online.wsj.com/article/SB123435812693672823.html?mod=yahoo_hs&ru=yahoo           

Investors apparently wanted to hear specifics. When Geithner didn’t provide specifics, investors sold stocks and bought bonds. Yields went down, and so did mortgage rates.

The benchmark 30-year fixed-rate mortgage fell 36 basis points, to 5.34 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week’s survey had an average total of 0.37 discount and origination points. One year ago, the mortgage index was 5.96 percent; four weeks ago, it was 5.28 percent.      

The benchmark 15-year fixed-rate mortgage fell 28 basis points, to 5.03 percent.

The benchmark 5/1 adjustable-rate mortgage fell 13 basis points, to 5.37 percent.

http://mylendingplace.com/

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