Austin mortgage planner John Schutze gives his weekly market update:

“Mortgage rates are down again this week! The Fed released the Minutes from the Nov 3-4 meeting of the FOMC (Federal Open Markets Committee). This is the committee charged with setting Monetary Policy which includes the infamous Fed Funds Rate. The FOMC made several points clear:

  1. The economy shows tell-tale signs of improvement
  2. Unemployment threatens the recovery
  3. Inflation pressures are low, for now

Overall, the Fed Minutes paint the economy as in a state of measured repair, and under tight federal surveillance.  Investors like this message and, as a result, stock and bonds markets are improving. Check out the rates below!

30 Year Fixed:  4.625 %
15 Year Fixed:  4.25 %
FHA 30 Year:  4.75 %
VA 30 Year:  4.75 %
5 Yr ARM: 3.5 %
Jumbo 30 Year Fixed:  5.75 %
Jumbo 5 Yr ARM:  4.25 %
30 Year Home Equity:  4.875 %

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.