Austin mortgage planner John Schutze gives his weekly market update:

“Mortgage rates are down this week!

Mortgage rates are down about .125% across the board as we end the week after the stock market dropped yesterday. Investors moved money from stocks to bonds seeking a safe haven from the stocks. Also consumer confidence in October was down a bit indicating that consumers aren’t optimistic about the economy…jee no kidding! This report is important because it indicates consumers’ willingness to spend as we enter the holiday season. If consumer spending is low companies will suffer as will stocks. If stocks suffer then bonds will usually benefit which should help rates remain low at least through the 4th quarter.

Weekend Rates

The current rates on some of our programs are:

30 Year Fixed:  4.75 %
15 Year Fixed:  4.25 %
FHA 30 Year:  4.875 %
VA 30 Year:  4.875 %
5 Yr ARM: 3.625 %
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 720 credit score (660 score for FHA and VA loans). Some programs require slight adjustments for smaller loan amount”

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.