Austin Mortgage Rate Update

Posted on Friday, February 13th, 2009 at 3:56pm.

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.

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