Austin mortgage rates barely changed this week, remaining near record lows as investors seem to have given up hopes on Greece and now are panicking over Italy’s debt woes.
The benchmark Texas 30-year fixed-rate mortgage rose 2 basis points this week, to 4.25 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 0.35 discount and origination points. One year ago, the mortgage index was 4.46 percent; four weeks ago, it was 4.37 percent. http://www.mylendingplace.com/(more…)
Texas Mortgage Loans: What are today’s 30-year fixed mortgage loan rates in Austin? Are you interested in finding the best Texas mortgage loan rates and the lowest closing costs from a “No Point” lender? We’re a local Austin mortgage company that’s been helping people all over Texas accomplish their mortgage refinance needs and goals. Give us a call today!
Austin: 512-996-8194Houston: 713-589-2244
Texas Mortgage Loan Rates in Austin as of 06/16/2009
Mortgage Rate Interest Rate APR
Texas Conforming Home Loans and FHA Home Loans: Today’s 30-Year Fixed Mortgage Rates 5.500% 5.697%
Today’s 30-Year Fixed FHA Mortgage Rates 6.000% 6.773% Today’s15-Year Fixed Mortgage Rates 5.125% 5.457%
NEW YORK, June 12 (Reuters) – Interest rates on U.S. 30-year fixed-rate mortgages stayed steady at 5.64 percent late Friday, according to real estate Website Zillow.com. A week earlier, however, the mortgage rate was around 5.40 percent, according to Zillow Mortgage Marketplace. The rate was sharply higher than the roughly 5.00 percent level seen at the end of May and at the beginning of this year, Zillow said. http://www.zillow.com/Mortgage_Rates/
Higher rates should hurt home purchase activity, and it has already collapsed home loan refinancing. Alan Rosenbaum, president of Guardhill Financial, a New York City-based mortgage banker and brokerage company, said that while they had predicted for several months that mortgage refinance rates were going to rise, they have been surprised by the velocity of the surge. “Higher rates will be devastating to the rebound in the housing market,” he said.
“The consumer is very nervous about purchasing a home at this time and the lower mortgage loan rates were giving them the extra boost of affordability,” he said. The housing market is being driven now primarily by first time home buyers who are very sensitive to mortgage rates, he said. http://www.mortgagenewsdaily.com/consumer_rates/
“If first time home buyers remain on the sidelines, foreclosures will continue to rise and values would then continue to drop throughout the country resulting in further national wealth destruction,” he said. The battered U.S. housing market, which is in the midst of its worst downturn since the Great Depression, is both the source of and a major casualty of the credit crisis. A setback for the market could hamper a turnaround of the U.S. economy. http://www.mylendingplace.com/mortgage-rates/
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Mortgage Refinance Rates Texas: Are home mortgage rates going up in Austin? Do you have questions about Texas home mortgage rates? Give us a call and we’ll answer your mortgage refinance questions. We’re a local Austin mortgage company that can offer you the best mortgage rates and the lowest closing costs. Call us today!Austin: 512-996-8194 Houston: 713-589-2244
June 4 (Bloomberg) — Fixed U.S. mortgage rates jumped to the highest level this year, signaling the Federal Reserve’s plan to lower borrowing costs has stalled.
The average 30-year fixed rate rose to 5.29 from 4.91 percent a week earlier, Freddie Mac, the McLean, Virginia-based mortgage buyer, said today in a statement. The last time the rate was higher was Dec. 11, when it was 5.47 percent. The average 15- year fixed rate rose to 4.79 percent from 4.53 percent. http://www.mylendingplace.com/mortgage-rates/
“That’s quite a jump,” said Donald Rissmiller, chief economist at New York-based Strategas Research Partners. “The more rates go up, the more we need home prices to go down to equalize consumers’ payments. It’s those payments that have brought about a level of stability in housing unit sales.”
Rising mortgage rates may deepen the U.S. housing slump and sideline consumers hoping to refinance or purchase their first house. The number of Americans signing contracts to buy previously owned homes climbed 6.7 percent in April, largely on cheaper financing costs, according to the National Association of Realtors. http://www.realtor.org/RMODaily.nsf/pages/News2009060201?OpenDocument
This week’s rate increase translates into an additional $31.79 a month for a buyer purchasing the median-priced U.S. home of $170,200 with a 20 percent down payment.
“If people hear that rates are going up, I think they hesitate a little bit,” said Tom Burris, a mortgage banker at Supreme Lending in Dallas. “After a while the reality sets in that 5.5 is much better than 8 percent that we had ten years ago. It’s a good rate, it’s a fair rate.”
Texas Mortgage Refinance Rates: Should you refinance your Austin home mortgage? The current Texas home mortgage rates have increased slightly from their record lows. If you’ve been thinking of home mortgage refinancing, you need to act NOW! We’re a local Austin mortgage company that can assist you with your new home mortgage or existing home mortgage refinance. Give us a call today and we’ll get started today!
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