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

Are you an Austin homeowner considering a Home Equity Loan? Let us answers your questions and go over your options with you. We’re a local Austin mortgage refinance company that can help you today!

                        All you have to do is give us a call in Austin: 512-996-8194     

Austin’s Current Rates:   as of 02/25/2009         
Mortgage Rate                     Interest Rate      APR          
Conforming Loans 
30-Year Fixed Mortgage Rate  5.000%    5.213%
20-Year Fixed Mortgage Rate  5.375%    5.669%
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%

Texas Mortgage Refinance Home Equity Loan

Your Equity Options                           

Home equity line of credit or a home equity loan: Which is right for you?

http://realestate.yahoo.com/loans/guides/your_equity_options.html;_ylt=AqxdxEEBybjCp63jt0hdEGCPvYl4

If you’re a homeowner, you can borrow against the value of your house through either a home equity line of credit (often called a HELOC or a line) or a home equity loan (often called a HEL or loan). Both are essentially a second mortgage.                            

What’s the difference?                                           

A HELOC is a form of revolving credit similar to a credit card. It allows you to draw funds, up to a predetermined limit, whenever you need money. There is generally a minimum payment due each month, with the option to pay off as much of the line as you want. With a HEL, you receive a lump sum of money and have a fixed monthly payment that you pay off over a predetermined time period. In each case, the amount you can borrow is based on factors such as your income, debts, the value of your home, how much you still owe on your mortgage and your credit history.

Benefits

The appeal of both of these types of loans is their interest rates, which are almost always lower than those of credit cards or conventional bank loans because they are secured against your home. In addition, the interest you pay on a home equity line or loan is often tax deductible (consult a tax advisor about your particular situation).

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

Which is best for you?

Generally, a HELOC is a good choice to meet ongoing cash needs, such as college tuition payments or medical bills. A HEL is more suitable when you need money for a specific, one-time purpose, such as buying a car or a major renovation.

Comparing the costs

Both HELOCs and HELs usually carry a higher interest rate than that of a first mortgage. With a HEL, you may choose either an adjustable rate that fluctuates according to variations in the prime rate, or you may opt for a fixed rate. A fixed rate enables you to budget a set payment monthly without worrying about increasing costs should interest rates rise. With a HEL, there are also closing costs that you should consider.

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Are you an Austin homeowner interested in a Mortgage Refinance Loan? Or maybe a Home Equity Loan during these tight times? Would you like to take advantage of the current low rates? If so, We are your answer! We are an Austin local mortgage company with the lowest closing costs. 

Call us today in Austin: 512-996-8194                                                                          

as of 02/19/2009                                                                                                                                                
Mortgage Rates                     Interest Rate     APR                                
Conforming Loans 
30-Year Fixed Mortgage Rate      5.125%   5.340%
20-Year Fixed Mortgage Rate      5.375%   5.669%
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%    

Texas Mortgage Refinance Home Equity Loan       

Obama throws $75 billion lifeline to homeowners

http://news.yahoo.com:80/s/ap/20090219/ap_on_go_pr_wh/obama_home_foreclosures

MESA, Ariz. – President Barack Obama threw a $75 billion lifeline to millions of Americans on the brink of foreclosure Wednesday, declaring an urgent need for drastic action — not only to save their homes but to keep the housing crisis “from wreaking even greater havoc” on the broader national economy.

The lending plan, a full $25 billion bigger than the administration had been suggesting, aims to prevent as many as 9 million homeowners from being evicted and to stabilize housing markets that are at the center of the ever-worsening U.S. recession.

Government support pledged to mortgage giants Fannie Mae and Freddie Mac is being doubled as well, to $400 billion, as part of an effort to encourage them to refinance loans that are “under water” — those in which homes’ market values have sunk below the amount the owners still owe.

“All of us are paying a price for this home mortgage crisis, and all of us will pay an even steeper price if we allow this crisis to continue to deepen,” Obama said.

The new president, focusing closely on the economy, in his first month in office, rolled out the housing program one day after he was in Denver to sign his $787 billion emergency stimulus plan to revive the rest of the economy. And his administration is just now going over fresh requests for multiple billions in bailout cash from ailing automakers.

Wall Street has shown little confidence in the new steps, declining sharply on Tuesday before leveling off after Wednesday’s announcement. The Dow Jones industrials rose 3 points for the day.

Success of the foreclosure rescue is far from certain.

The administration is loosening refinancing restrictions for many borrowers and providing incentives for lenders in hopes that the two sides will work together to modify loans. But no one is required to participate. The biggest players in the mortgage industry temporarily had halted foreclosures in advance of Obama’s plan.

Complicating matters, investors in complex mortgage-linked securities, who make money based on interest payments, could still balk, especially those who hold second mortgages or home equity loans. Their approval would be needed to prevent many foreclosures.

“The obstacles have not gone away,” said Bert Ely, a banking industry consultant in Alexandria, Va.

Another cautionary note came from John Courson, chief executive of the Mortgage Bankers Association.

http://www.trulia.com/blog/katie/2009/02/obama_housing_plan_live_

“It seems to offer little help to borrowers whose loan exceeds their property value by more than 5 percent,” he said, noting that that requirement would limit the plan’s success in some of the hardest-hit areas in California, Florida, Nevada and Arizona and parts of the East Coast.                 

Indeed, Obama himself said, “This plan will not save every home.”         Or Call us: 512-996-8194

The goal is to lower many endangered homeowners’ payments to no more than 31 percent of their income. But that depends on a high degree of cooperation by lenders who have been increasingly wary of new lending as the crisis has deepened.

Still, the Obama administration, after talking with mortgage investors, appears confident that it is providing the right mix of incentives and penalties to make sure mortgage companies take part. Obama said he backs legislation in Congress to allow bankruptcy judges to modify the terms of primary home loans — an idea ardently opposed by the lending industry.

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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/

             CALL US in Austin today: 512-996-8194

                                     OR

           We are also in Houston: 713-589-2244