Austin mortgage planner John Schutze gives his weekly market update:

“Mortgage Rates are again mostly flat this week.  

The unemployment rate hit 10.2% this week which is certainly bad news for the economy and would generally cause rates to drop. However rates haven’t moved much since the news was released early Friday morning. One reason is inflationary concerns. The price of Gold and Oil are on the rise which often is the result of inflationary pressure on the economy.

Weekend Rates

The current rates on some of our programs are:

30 Year Fixed:  4.875%
15 Year Fixed:  4.375%
USDA 30 Year:  5.25%
FHA 30 Year:  5.0%       
VA 30 Year:  5.0%
5 Yr ARM:  3.5%
Jumbo 30 Year Fixed: 5.75%
Jumbo 5 Yr ARM:  4.5%
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 the right loan for Austin home buyers.  Check out his Austin mortgage blog.Garreth Wilcock is a Realtor® in Central Austin. You can search Austin homes for sale at his website.