Austin mortgage planner John Schutze gives his weekly market update:

“Mortgage rates remain flat this week.

Rates continue to benefit from the Fed’s mortgage bond purchase program. Plus the stock market is struggling for the 3rd consecutive day. Both factors are helping to keep mortgage rates low for now. The Fed has purchased $1.023 trillion of the $ 1.25 trillion that’s been allocated for the program which is set to expire 1st quarter of 2010.

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: 3.5 %
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 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.