Mar
19
Austin Mortgage Rates
Posted by Alex Bridges under For Buyers, For Realty Professionals, For Sellers, Regional News, Austin, Mortgage and Finance
Austin mortgage planner John Schutze gives his weekly market update:
“Mortgage rates are again unchanged as we end the week.
There were no major surprises in the economic data or the Fed announcement this week. As a result, while volatility remained day to day, mortgage rates ended nearly unchanged for the third straight week.
As expected at its meeting on Tuesday, the Fed held the fed funds rate steady, and the accompanying statement contained few changes. The statement retained the language about the fed funds rate remaining at extremely low levels for at least several months. The Fed’s assessment of the economy was a little more upbeat at this meeting, but pointed out that economic improvement will occur slowly. The Fed continued to signal that the $1.25 trillion Mortgage Bond Purchase Program will conclude at the end of March. With less than two weeks of Fed purchases remaining, investors will be watching closely to see if the Fed’s exit has an impact on mortgage rates.
This week’s inflation data showed that inflation is not a concern right now. The February Core Consumer Price Index (CPI) increased at a low 1.3% annual rate. The Fed’s target range is commonly believed to be a 1.5% to 2.0% annual rate. The current low inflation environment makes it easier for the Fed to continue to hold the fed funds rate low to stimulate the economy. All very good news for mortgage rates!
Current rates:
30 Year Fixed: 4.875 %
15 Year Fixed: 4.25 %
FHA 30 Year: 4.875 %
VA 30 Year: 4.875 %
5 Yr ARM: 3.75 %
Jumbo 30 Year Fixed: 5.625 %
Jumbo 3 Yr ARM: 4.5 %
30 Year Home Equity: 5.125 %
The above rates are based on a $120,000 Loan Amount with a 1% Origination Fee and 720 credit score (660 score for FHA and VA loans). Some programs require slight adjustments for smaller loan amount”
John’s team helps Austin area buyers plan their mortgage future. Check out his Austin mortgage blog.
Garreth Wilcock is a Realtor® in Central Austin. You can search Austin homes for sale at his website.
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In the over $300,000 range, things seem pretty tight, though this represents less than a third of the condo market.
The
Just before mile six, you will pass
Past mile 15 is a manicured and well shaded home at
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