Texas Mortgage Rates: Is it a good time to refinance in Austin?  Are you a Texas homeowner that has been thinking about refinancing?  Texas mortgage refinance rates are still low.  Now is the time to refinance before the mortgage interest rates start to go back up.  We’re a local Austin mortgage company that has been successfully assisting people all over Texas with their mortgage refinance needs and goals.  We can help you, today!   Give us a call, today!

                                          Austin: 512-996-8194                             Houston: 713-589-2244

Today’s  Rates in  Austin, Texas   as of 04/11/2009
Mortgage Rates                          Interest Rate      APR
Conforming Home Loans: 
30-Year Fixed Mortgage Rate      4.875%    5.086%
20-Year Fixed Mortgage Rate      5.125%    5.416%
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

 Mortgage refinance rates go up slightly:                 

When mortgage refinance rates rise after a sustained fall, borrowers tend to jump off the fence. That happened last week, according to the Mortgage Bankers Association. Applications for home loans advanced modestly.

“While credit guidelines remain stringent, there are plenty of qualified folks who are putting more money back in their pockets by locking in a low mortgage interest rate,” says Bob Walters, chief economist for Quicken Loans. “Incentives like the First-Time Homebuyer Credit are helping to generate increased purchase activity.”

  http://www.mortgagenewsdaily.com/04092009_freddie_mac_rates.asp

There are other incentives out there besides the first-time buyer tax credit. One is home prices. According to the National Association of Realtors, almost half of home resales are “distressed” transactions: foreclosed houses and short sales. Typically, they sell for about 20 percent less than comparable homes, according to the Realtors.

Another sales incentive would be lower mortgage rates. They could be — maybe should be — even lower. The rates on mortgage loans are related to yields on mortgage-backed securities. The borrower’s rate reflects a markup over the yields on mortgage-backed securities — and that markup has been higher than normal this year.

Mortgage refinance rates arguably could be a quarter of a percentage point lower, ballparks Dick Lepre, loan consultant for Residential Pacific Mortgage in San Francisco. With so much consolidation in the industry over the last two years, a few huge lenders dominate the market. “They’re all trading profit for market share,” Lepre says.

http://mylendingplace.com:80/mortgage/rates/texas/

If a bank did cut mortgage-rate margins in a bid for larger market share, the others likely would follow. Then all the banks would have the same market shares as before, but would be making less money. In effect, banks are milking mortgage customers as one of the few sources of profit available. The Federal Reserve and the FDIC don’t mind — they want banks to be profitable and stable. 

The message might be getting through to borrowers that 30-year fixed mortgage rates are unlikely to sink well below 5 percent for any sustained period, except for a few lucky, well-qualified borrowers.

“We’re not going to 4 percent, so take advantage of the opportunity while you can,” says Jim Sahnger, mortgage consultant for Palm Beach Financial Network in Stuart, Fla.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=abS1N9zdTxtA

Sahnger worries that homeowners will wait for interest rates to fall further before applying to refinance — and by the time they apply, their houses will have lost so much value that they no longer can qualify for a standard mortgage refinance.

http://www.bankrate.com/finance/mortgages/mortgage-analysis.aspx

A good thing finally came to an end. Mortgage refinance rates went up this week, after a four-week slide that sent rates to lows that hadn’t been seen in more than 50 years.

The benchmark 30-year fixed-rate mortgage rose 7 basis points, to 5.2 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 0.47 discount and origination points. One year ago, the mortgage index was 5.96 percent; four weeks ago, it was 5.37 percent.

The benchmark 15-year fixed-rate mortgage rose 2 basis points, to 4.75 percent. The benchmark 5/1 adjustable-rate mortgage rose 4 basis points, to 5.27 percent.

In the nearly 24-year history of Bankrate’s weekly rate survey, the average rate on the 30-year fixed mortgage has been lower just twice — and those two times were the previous two weeks. The all-time low in Bankrate’s survey was last week’s average of 5.13 percent.  http://www.bankrate.com/finance/mortgages/rate-roundup.aspx

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Today’s Mortgage Refinance Rates, Austin Texas:  Are you interested in the current record low mortgage refinance rates?  Would you like to refinance your existing home mortgage loan at a lower mortgage refinance rate?  We’re a local Austin mortgage refinance company that can help you today!  We have successfully helped people all over Texas with their mortgage refinance needs.  We can help you.  Give us a call today!

                                           Austin:   512-996-8194                       Houston:   713-589-2244

Austin’s Current Rates   as of 04/07/2009 
Mortgage Rate                         Interest Rate        APR
Conforming Home Loans:  
30-Year Fixed Mortgage Rate     4.875%      5.086%
20-Year Fixed Mortgage Rate     5.125%      5.416%
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%

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

Texas Mortgage Refinance Home Equity Loan                                       

Bernanke Easing Mortgage Refinance Rates for Consumer Rebound:

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aBk3iO3J9Ed4

April 3 (Bloomberg) — U.S. Federal Reserve Chairman Ben S. Bernanke is delivering what he promised five months ago, record-low mortgage rates and a mortgage refinancing boom that’s putting cash in consumers’ pockets.

Fixed 30-year mortgage rates fell to a record low for the second consecutive week last week, hitting 4.78 percent, Freddie Mac said yesterday in a statement. The interest rates are the lowest in records dating to 1971, and come after Bernanke told Congress in November that helping the most creditworthy borrowers was essential to reviving the economy.

Mortgage refinance applications in the U.S. rose for the fourth straight week last week as a decline in borrowing costs spurred homeowners to refinance existing home loans, while purchases of new houses unexpectedly rose in February. The Fed’s effort to bring down fixed rates may give consumers as much as $25 billion, said Mark Zandi, chief economist of Moody’s Economy.com. 

http://www.economy.com/default.asp

“It certainly gives further fuel to consumer spending,” said Nicolas Retsinas, director of Harvard University’s Joint Center for Housing Studies in Cambridge, Massachusetts. “It puts more money into circulation.”

http://www.bankrate.com/finance/mortgages/interest-rate-roundup-april-2-2009.aspx

The extra cash may help boost first-quarter consumer spending by 1 percent to 1.5 percent, said Barton Biggs, managing partner at New York-based hedge fund Traxis Partners LLC. Consumer spending accounts for about two-thirds of the U.S. economy. http://mylendingplace.com/mortgage-rates/

        Give us a call TODAY!    We can help you TODAY!     Austin:  512-996-8194    Houston:  713-589-2244

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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