Austin’s Current Mortgage Refinance Rates:   Call us today: 512-996-8194 we are a local mortgage company that offers “No Point” home loans.   We offer the lowest closing costs loans in Austin.  Remember, loan rates change everyday so call us today and get up-to-the-minute rates!

Mortgage Rates  (Feb. 5)            Interest Rate       APR                       

30-Year Fixed  Mortgage Rates:  5.500%        5.719%                       
20-Year Fixed  Mortgage Rates   6.000%        6.301%
15-Year Fixed  Mortgage Rates   5.375%        5.746%
Austin Jumbo Home Loans – Amounts that exceed $417,000 are jumbo
30-Year Fixed Mortgage Rates     6.625%        6.778%
5-Year ARM                                 6.000%        5.128%

Texas FHA – home loan limits vary by county. 
30-Year Fixed Mortgage Rates     6.000%        6.696%

Texas Mortgage Refinance Home Equity Loan              

Mortgage refinance rates have declined sharply in recent months. Here’s how to take advantage:

http://realestate.yahoo.com/promo/low-mortgage-rates-7-things-you-need-to-know-to-refinance.html

With mortgage rates dropping to record lows, it’s no surprise that more and more homeowners are looking to refinance. Earlier this month, the Mortgage Bankers Association’s refinance index–which tracks Read the rest of this entry »

Today’s Texas 30 year fixed rate

30-Year Fixed Mortgage Rate 6.375% 6.987%
20-Year Fixed Mortgage Rate6.75% 7.060%
15-Year Fixed Mortgage Rates 6.00% 6.631%

Austin Texas Jumbo Loans Home Loans

30-Year Fixed 8.250% 8.418%
15-Year Fixed 7.750% 8.009%

Remember, mortgage rates tend to go up when there is positive economic news and down with negative economic news.  

Was I the only one who filled my tank up on concerns over fuel prices?   Fortunately, Gustav didn’t cause near the damage that Katrina did.  

And the overall market tone is postive.   This is why mortgage rates opened up .125% over Friday.

PHONE:  512-996-8914, www.mylendingplace.com

http://mylendingplace.com/mortgage/rates/30-year-fixed-rates/

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President Bush on Housing Market: Congress should do more. (Money Magazine)

http://money.cnn.com/2008/01/03/real_estate/bush_housing_Congress/

Feds may expand Mortgage Help:

http://news.yahoo.com/s/ap/20080108/ap_on_go_ca_st_pe/paulson_housing;_ylt=AnhGpfsTo.aDqSg3OPpN2.ms0NUE

Excerpt: “Paulson in the CNBC interview also called on Congress to quickly pass pending legislation that would reform the Federal Housing Administration, which he said would help 250,000 at-risk homeowners who have adjustable rate subprime mortgages refinance to more affordable loans and another piece of legislation that would expand the availability of so-called “jumbo” mortgages, loans higher than $417,000.

The two giant government-sponsored mortgage companies, Fannie Mae and Freddie Mac, cannot presently back these jumbo loans, which restricts their availability.

Any single mortgage over 417,000 is considered “jumbo”, which isn’t really an issue in Texas where the median price is around 130-160K. However, on both coasts these sub-prime ARMs are often over 417K. Therefore, they can’t be sold to Fannie Mae/Freddie Mac. One solution to the sub-prime mess is to raise the conforming loan limit to 600K, so these adjusting ARMs can be backed by Fannie Mae without being classified as “jumbo.”

Today’s Mortgage Rates: www.mylendingplace.com 512-577-2958

Starbucks President, Howard Schultz, is making java again.

http://news.yahoo.com/s/ap/20080108/ap_on_bi_ge/starbucks_ceo;_ylt=AplHKMx4gwnzfTwRFuCEuzZu24cA

Read the rest of this entry »