Austin House/Mortgage Blog

Today’s Texas mortgage rates are slightly lower, down .125%.  Today’s 30 year fixed rate is 6.00% and the 15 year rate is 5.5%.  (April 21, 2008)

40-Year Fixed 6.375% 6.573%
30-Year Fixed 6.000% 6.226%
20-Year Fixed 6.000% 6.301%
15-Year Fixed 5.500% 5.873%
5-Year ARM 5.875% 5.711%

Austin Jumbo Loans – Amounts that exceed conforming loan limits of $417,000
40/30 Fixed-Rate Balloon 7.875% 8.025%
30-Year Fixed 7.250% 7.408%
15-Year Fixed 6.500% 6.749%

Austin Texas Mortgage Refinance Rates | Home Equity Loan | Jumbo Home Loans
WASHINGTON — Rates on 30-year home loans rose this week to the highest level since the spring of 2002.

Freddie Mac, the mortgage company, says rates on 30-year, fixed-rate mortgages increased to a nationwide average of 6.80%, from 6.74% last week.

That’s the highest they’ve been since they stood at 6.81% the week of May 24, 2002.

A year ago, 30-year mortgages averaged 5.73%, 15-year mortgages stood at 5.32%, one-year ARMs were at 4.42% and five-year ARMs averaged 5.26%.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, increased to an average of 6.41% this week, from 6.37% last week.

Rates on one-year adjustable rate mortgages rose to an average 5.80% from 5.75% last week.

Rates on five-year adjustable-rate mortgages rose to an average 6.36% from 6.33% last week.

The lowest mortgage rates in four decades powered a boom in housing that pushed sales of both new and existing homes to record levels for five years. But sales have slowed this year as mortgage rates have been rising.

Some economists have expressed fears that the housing boom could quickly turn into a bust, with sales and prices falling sharply. But Federal Reserve Chairman Ben Bernanke told Congress on Thursday that so far the slowdown in housing “appears to be orderly.”

Bernanke said the Fed recognizes that a slowdown in housing could have a more severe impact on the overall economy “and we are watching it very carefully.”

The rise in mortgage rates this week was blamed in part on further increases in inflation, including a 0.3% increase in core inflation as measured by the consumer price index, which was reported Wednesday.

The rates do not include add-on fees known as points. The 30-year and five-year mortgages carried a nationwide average fee of 0.5 point. The 15-year mortgage had a nationwide average fee of 0.4 point and the one-year ARM carried a fee of 0.6 point.

http://www.usatoday.com/money/perfi/housing/2006-07-21-mortgage-rates_x.htm

http://www.mylendingplace.com

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