Austin mortgage planner John Schutze gives his weekly market update:

“Mortgage Rates end the week unchanged.

After a .125% increase mid-week, rates relaxed back down to last Friday’s level. With the Fed still purchasing mortgages and the mostly dim economic news rates are staying down. A lot of national press has headlined that the economy has “leveled off” but wall street investors aren’t convinced yet. As far as mortgage rates are concerned negative economic news is good.

Weekend Rates

The current rates on some of our programs are:

30 Year Fixed: 4.875 %
15 Year Fixed: 4.375 %
FHA 30 Year: 5.0 %
VA 30 Year: 5.0 %
5 Yr ARM: 3.75 %
Jumbo 30 Year Fixed:5.875 %
Jumbo 5 Yr ARM:4.625 %
30 Year Home Equity:5.0 %

The above rates are based on a $120,000 Loan Amount with a 1% Origination Fee and 740 credit score (620 score for USDA, FHA and VA loans). Some programs require slight adjustments for smaller loan amounts.”

John finds buyers the right loan for their Austin home purchase.  Check out his Austin mortgage blog.

Garreth Wilcock is a Realtor® in Central Austin. You can search Austin homes for sale at his website.