Posts Tagged ‘Current rates’
Current Mortgage Refinance Rates in Austin, Texas: Is now the right time to refinance? Unsure of what type of mortgage refinance loan is best for you? Are you interested in a home equity loan while current interest rates are at an all time LOW? We’re a local Austin mortgage company that can answer all your mortgage refinance questions. Give us a call today! 512-996-8194
Austin’s Current Rates as of 03/31/2009
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 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 
Fed’s Move to Lower Mortgage Rates: May Backfire on Market
http://www.cnbc.com/id/29962475?__source=RSS*tag*&par=RSS&Sort=MostRecent
The Federal Reserve’s latest moves to push down mortgage refinance rates quickly raised expectations about helping the housing recovery, but it may be months before the impact is entirely apparent and the effects may not all be positive, say people in the real estate and housing industries.
First and foremost, there is general skepticism about the how much impact government intervention will have in the marketplace, as well as concern about the potential for unintended consequences.
“It’s wrong to place too much hope on what the Fed would be able to accomplish in pushing interest rates lower,” says economist Dean Baker, co-director of the Center for Economic and Policy Research. “There’s a limit to what they can realistically do.”
That’s apparent in what some call the inevitable bounce back in interest rates since the Fed’s announcement at the March 19 FOMC meeting that it would increase its planned purchase of GSE and MBS debt as well as finally begin buying longer-term Treasuries.
http://www.mortgagenewsdaily.com/consumer_rates/64316.aspx
The yield on the 10-year note went from roughly 3.00 percent down to 2.50 percent, but has slowly climbed back to around 2.75 percent. Thirty-year mortgage rates, which track the 10-year yield, have moved accordingly.
“Mortgage rates are historically low, but the expectation is that interest rates should be much lower than they are,” says Manhattan Mortgage Company CEO Melissa Cohn.
That sort of criticism highlights the difficulty of the Fed’s mission, and though the significant drop in mortgage rates in the past six months has been welcome in almost all quarters, it is hardly a magic bullet for the multi-faceted housing market. For one, Cohn and others have seen a greater increase in loan refinancing activity that in loans for home sales.
http://money.cnn.com/2009/03/31/real_estate/January_Case_Shiller/index.htm?postversion=2009033109
The Mortgage Bankers Association last week increased its forecast for loan originations in 2009 by 40 percent to $2.8 trillion, more than any year since 2005 and the fourth highest on record. Some 71-percent of that, however, will be mortgage refinancing. Home purchase origination’s will be almost 4-percent lower than last year.
“For the purchase market, it is still an issue of the economy,” says Jay Brinkman, chief economist and senior vice president of the mortgage industry trade group. “I don’t think mortgage interest rates were an impediment even before the Fed’s move.”
http://mylendingplace.com/mortgage/rates/todays/
Mortgage refinancing does not a housing rebound make, although it certainly increases the chance of keeping a homeowner out of foreclosure. That and other forces continue to put a drag on housing. Right now, the single-family market is still in the doldrums, though many measures point to a possible bottom.
Apply online or Give us a call! We will work with you, Today! 512-996-8194
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/
The previous record origination years of 2002, 2003 and 2005 had large amounts of subprime home loans and jumbo home loans. In contrast, the 2009 originations will be almost entirely Fannie Mae and Freddie Mac-eligible loans, or eligible for FHA insurance.
MBA estimates that refinancings in 2008 totaled $765 billion and were forecast to increase to $1.13 trillion in 2009. With the recent moves by the Federal Reserve and the Fannie/Freddie program,
mortgage refinancings are expected to reach $1.96 trillion. In contrast, MBA estimates that purchase mortgage originations in 2008 totaled $854 billion, and were forecast to fall slightly to $851 billion in 2009. The new MBA estimate for 2009 is $821 billion, driven by a combination of continued declines in home sales and lower prices on the homes that are sold, leading to smaller
home mortgages on average than in recent years.
“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
