by Ben Morton
Rates remain low, but not quite as good as last week. The Fed still has $450 billion to purchase mortgage backed securities which would lead towards interest rates going down. However, this week, earnings like GE and Google coming in at expectations provide resistance.
What can we expect? As the government announces another injection of funds into the mortgage market we can expect rates to go down. Something to consider is, as these stimulus programs continue it very well could lead to inflation later in the year. While things are very good right now, it won’t last forever; hopefully for most of the year, but…! The market is still volatile, so I recommend any purchase locks waiting on deck to lock when rates dip.
Rates as of Friday, January 23, 2009:
CONFORMING
30 Yr Fixed 5.00%, 1 point
15 Yr Fixed 4.75%, 1 point
JUMBO
7 Yr ARM 5.550, 1 point
Note: The Austin Mortgage Rate Update is provided by Ben Morton. Great Austin Properties, LLC does not receive any monetary gain nor do we guarantee the rates quoted above. We provide this information to you to help keep you informed of the Austin market.
