Posts Tagged ‘Current rates’
Today’s mortgage refinance rates in Austin, Texas have dropped! Would you like to benefit from the lower rates? Do you have questions about what type of mortgage refinance loan is right for you? Are you interested in a Home Equity Loan? We can answer all your questions, today! We’re a local Austin mortgage company that has been helping people all over Texas with their mortgage refinance needs.
Call us today in Austin! 512-996-8194 or in Houston: 713-589-2244
Austin’s Current Rates as of 03/13/2009 
Mortgage Rates Interest Rate APR
Conforming 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 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
Bank of America Says ‘Thank Goodness’ for Countrywide:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aDe2IcgvIIQI
March 13 (Bloomberg) — Bank of America Corp.’s mortgage- origination business, the largest in the U.S., is booming after the purchase of Countrywide Financial Corp. and as lower loan rates push a wave of refinancing, the unit’s chief said.
“Volume is good, application quality is holding up and the acquisition of Countrywide is really paying off for us with the additional capacity,” Barbara Desoer, head of mortgage, home equity and insurance, said in a telephone interview yesterday. “Thank goodness we have it.”
Kenneth Lewis, Bank of America’s chief executive officer, told reporters yesterday he expects the Charlotte, North Carolina-based company to make money this year after posting a profit in January and February. Last month, he said its “stars” so far in 2009 were businesses acquired with Countrywide, the largest U.S. home lender, and Merrill Lynch & Co.
The average rate on a typical 30-year fixed mortgage was 5.03 percent in the week ended yesterday, according to Freddie Mac. Federal Reserve purchases of mortgage bonds helped drive rates down from 6.46 percent in late October, to a record 4.96 percent in mid-January. Bank of America isn’t yet sure exactly how much its lending will be boosted by the flexibility that the U.S. last month gave Fannie Mae and Freddie to help consumers with little or no home equity refinance, Desoer said.
http://www.mortgagenewsdaily.com:80/03112009_mba_mortgage_applications.asp
Desoer, 56, also said that the bank is seeking to make more “jumbo” mortgages, which start at $417,000 in most areas and up to $729,750, the limits for now U.S.-run mortgage firms Fannie and Freddie. The company’s is offering “extremely competitive” rates on jumbo mortgages offered directly to consumers, she said.
‘Balance-Sheet Capacity’
“Bank of America has balance-sheet capacity and we’ve allocated it to jumbos given our presence in some of the states and regions where that’s important,” she said. “We’re very much open for business.”
The bank sees an opportunity to do more of the loans with Merrill Lynch’s “mass-affluent” customers, even as it continues to integrate the acquired company, she said. Its Web site says it offers $800,000 30-year fixed-rate loans with 20 percent down payments in New York for 6 percent, versus the 6.78 percent average in the state, according to Bankrate.com.
To keep up with mortgage demand, Bank of America has added roughly 3,000 employees to its origination unit, including about 1,000 new to the company and 500 shifted from its home-equity division, as well temporary workers, Desoer said. The staff totals about 25,000, Dan Frahm, a spokesman, said.
http://money.cnn.com/2009/03/12/real_estate/mortgage_rates/index.htm
New Mortgages
Desoer wouldn’t discuss the recent performance of home loans already on its books, saying only “you 
know what’s happening with” home prices and unemployment “and the potential impact those can have on borrowers being under stress.”
Margins on new mortgages sold off as government-supported mortgage bonds, such as those guaranteed by Fannie and Freddie, are higher than a year ago, she said. U.S. efforts to keep rates on those loans low will be an “extended event,” she added.
Bank of America’s mortgage-servicing business has more than doubled its staff that deals with troubled borrowers to 5,000 in the past year. Still, the company hasn’t always provided the best service, in part because of the volume of calls for help, Desoer said. (more…)
Today’s 30 Year Mortgage Rates in Austin Texas: Are you interested in a 30 Year Fixed Mortgage Refinance Rate? Do you have unanswered mortgage refinance questions? We can help you today! We’re a local Austin mortgage company here to help.
Call us in Austin: 512-996-8194 Or in Houston: 713-589-2244
Austin’s Current Rates as of 03/10/2009 
Mortgage Rate Interest Rate APR
Conforming 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 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
OR Call us in Austin: 512-996-8194
Obama’s Housing Rescue Is American Pipe Dream: Caroline Baum
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aO7q5NiKVtZw
March 10 (Bloomberg) — The U.S. Treasury released the details of its $75 billion housing-rescue plan last week intended to stem foreclosures and allow homeowners to stay in their homes, courtesy of a refinanced or modified mortgage subsidized by you- know-who.
This is Housing Rescue No. 4 or 5, but hey, who’s counting? Its predecessors, with catchy names like “Hope Now” and “FHA Secure,” didn’t do much to halt the relentless slide in sales and prices or the soaring rate of delinquencies and foreclosures.
“They were complete duds,” says Andy Laperriere, a managing director at the ISI Group in Washington.
For example, the Federal Housing Administration’s FHASecure program, unveiled with great fanfare in August 2007, was supposed to help 240,000 families avoid foreclosure. “It made 4,000 loans,” Laperriere says, citing a report from the Congressional Budget Office.
“HOPE for Homeowners” was introduced last October with the aim of assisting 400,000 at-risk borrowers. The program has completed 25 loans to date.
One doesn’t have to be a skeptic to challenge the Obama administration’s claim that “Making Home Affordable” will help 9 million homeowners achieve that goal, according to the Treasury’s fact sheet.
“It’ll make a difference, but the government is grossly overstating the number of loans it will make a difference for,” says Michael Carliner, an independent economist in Potomac, Maryland., formerly with the National Association of Home Builders.
Rosie Scenario
An estimated 4 to 5 million homeowners with mortgages guaranteed by Fannie Mae or Freddie Mac will be able to refinance into a 30-year fixed-rate loan at a lower interest rate, as long as they’re current on their payments and the loan-to-value ratio doesn’t exceed 105 percent.
A second group of 3 to 4 million homeowners at risk of losing their homes will qualify for a subsidized mortgage with a monthly payment no greater than 31 percent of gross monthly income. The low rate will be in effect for five years.
Sounds like a good deal for homeowners, right? The government makes it even sweeter.
http://www.marketwatch.com:80/news/story/story.aspx?guid=%7bAABB222B-4D22-4E51-9C76-6B3D1E2ABF2B%7d&siteid=rss (more…)
Are you an Austin homeowner that has questions about refinancing your current home mortgage? Would you like to refinance your current mortgage at a lower interest rate? We’re a local Austin mortgage company available to help you today! Call us in Austin: 512-996-8194 or in Houston: 713-589-2244
Austin’s Current Rates as of 03/06/2009 
Mortgage Rates Interest Rate APR
Conforming 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 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
First Step in Housing Refinance Plan Is Reaching Loan Servicer:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aqdbhpGkMU6o
March 5 (Bloomberg) — Homeowners seeking help from the Obama administration’s foreclosure-prevention plan should start by contacting their bank, a process that’s likely to involve multiple phone calls and hours of effort.
“Servicers are inundated right now,” said Gibran Nicholas, chairman of the CMPS Institute in Ann Arbor, Michigan. “You have to be patient.”
The National Community Reinvestment Coalition said it expects a 20 percent jump in homeowner inquiries to its hotline over the next few days, said David Berenbaum, executive vice president of the Washington-based group. The success of the administration’s plan may hinge on whether loan servicers add people and resources to move applications along, he said.
Mortgage payments may be reduced to 31 percent of gross monthly income under the plan. Applicants will have to produce pay stubs and tax returns to document income, the Treasury Department said yesterday. They’ll also need to sign an affidavit confirming financial hardship.
http://www.mortgagenewsdaily.com/wiki/Right_Time_to_Refinance.asp#53685
Loans must have been made before Jan. 1, 2009, with a balance of less than $729,750, and the property must be a primary residence to qualify. The program doesn’t apply to second homes or vacation homes. Loans can be modified only once under the program.
*If you’d like to lower your mortgage refinance rate, we can help! Give us a call: 512-996-8194*
The administration estimates between 7 million and 9 million homeowners may be eligible for help. The two main groups are people who can’t refinance to lower rates and those who may be on the verge of foreclosure because of economic distress.
http://www.mylendingplace.com/current-mortgage-rates-texas-refinance.html
Lower Rates
About 4 million to 5 million homeowners are current on their loans but aren’t able to take advantage of low mortgage rates because their homes have lost value, the administration said. More than 8.3 million U.S. mortgage holders owed more on their loans in the fourth quarter than their property was worth, First American CoreLogic said in a report yesterday.
Homeowners generally aren’t able to get a new mortgage greater than 80 percent of their home’s value. With this voluntary program, that requirement will be waived. Loans up to 105 percent of the value of the home will be eligible.
In one example of a borrower refinancing from a 6.5 percent loan to a 5.16 percent loan on a $200,000 mortgage, the program would save more than $2,300 per year, according to the Treasury Department.
Refinancing only applies to loans owned by Fannie Mae or Freddie Mac. Determining if that’s the case is
another big challenge for borrowers, said Nicholas of the CMPS Institute. The information usually isn’t disclosed in monthly mortgage statements or the papers received at closing.
(more…)
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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