Austin Real Estate News

by Ben Morton

Rates ended up pretty steady this week; but that’s not to say there wasn’t any fluctuation.

We are continuing to see more and more interaction in the mortgage industry from Washington. The FHA limit has been pushed back up to $288,750. Even more exciting news is now a borrower can have 10 mortgage loans; this has been increased from 4. It’s going to be interesting to see how government interaction continues to change the mortgage industry as a whole.

For now, rates are as follows:

CONFORMING
30 Yr Fixed 5.000%, 1 pt.
15 Yr Fixed 4.875%, 1 pt.

JUMBO
7 Yr ARM 6.1, 1 pt.

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.

by Ben Morton

Rates stayed relatively the same this week; however, notice the increase in the Jumbo ARM.

While Conforming rates stay low as the government continues to purchase 5.0-5.5% mortgage backed securities, Jumbo loans are still portfolioed and the rate reflects the lender’s risk. Part of the increase in rate, or risk, on Jumbo loans is that appraised values nationally haven’t gained much ground. So, down payment requirements on Jumbo loans has increased from 10% to 15%.

The economic stimulus bill passed and there is an up to $8,000 tax credit for first time home buyers; the bill does include income limitations to receive the credit.

For now, rates are as follows:

CONFORMING
30 Yr Fixed 5.000%, 1 pt.
15 Yr Fixed 4.625%, 1 pt.

JUMBO
7 Yr ARM 6.1, 1 pt.

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.

We have just added another neighborhood profile for West Austin. Visit our new Hill Country Estates neighborhood profile to learn about this community between the Y in Oak Hill (Hwy 290 and Hwy 71 intersection) and Southwest Parkway off Hwy 71.

We’ve also updated our Neighborhood Quick Search so you can research Hill Country Estates homes for sale with a click of a button from any page on our site. Look for the Quick Search icon in the top right corner of this page (circled in red below):

Let us know if you would like to see a home in Hill Country Estates or any other Austin area neighborhood. Call Great Austin Properties today at 512.600.1800.

by Ben Morton

Rates this week remain relatively unchanged.

That doesn’t mean there wasn’t any news.

The $15,000 Tax Credit Proposal has slowed back to it’s existing $7,500…I’m sure there will be more details. Consumer Sentiment came in way below expectations, but yet there was almost no impact on rates. At the same time, jobless claims were higher than expectations with the same result, or lack thereof. What this means is we are still seeing the government’s coupon purchase of mortgage backed securities having the highest impact on rates.

Thought For The Day:
Let’s also keep in mind the old Law of Supply and Demand. With so much demand for mortgage loans, it doesn’t necessarily mean the lowest rates!

For now, rates are as follows:

CONFORMING
30 Yr Fixed 5.000%, 1 pt.
15 Yr Fixed 4.625%, 1 pt.

JUMBO
7 Yr ARM 5.50, 1 pt.

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.

by Ben Morton

Rates improved a bit this week.

We are certainly hearing alot about the proposed stimulus plan. Included in what we are hearing is, the Senate voted to include a tax credit up to 10% of the value of new or existing residences with a cap of $15,000. This is good, especially if rates keep going down. All we can do is wait to hear how Congress responds. Clearly there are major strides to spark the housing industry.

For now, rates are as follows:

CONFORMING
30 Yr Fixed 5.000%, 1 pt.
15 Yr Fixed 4.750%, 1 pt.

JUMBO
7 Yr ARM 5.550, 1 pt.

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.

Cat Mountain is a neighborhood in Northwest Austin with homes that built between 1970 and the present. It’s a popular neighborhood thanks to its great location and amazing views…read more about Cat Mountain Austin in our new Cat Mountain neighborhood profile.

We also updated our Cat Mountain Quick Search to make it the most accurate search for Cat Mountain you will find. Search our new quick search here: CCat Mountain Lots for Sale. Cat Mountain North is often confused with Cat Mountain, so we created a new quick search for Cat Mountain North as well. Check it out: Cat Mountain North Homes for Sale.

Let us know if you would like to see a home in Cat Mountain or any other great Austin neighborhood. The Realtors at Great Austin Properties would love to help! Call us at 512.600.1800.