mortgage analysis showed that mortgage interest rates are at its lowest. For those in Houston looking mortgage refinance, the rates has never been lower. Interest rates are in a near record low. Fannie Mae and Freddie Mac have been tightening lending standards for more than 2 years to prevent loans to be given out poorly. They are planning to launch a new underwriting software to help loan decision making easier called Desktop Underwriter or DU 8.0. The projected launch date for the Desktop Underwriter 8.0 is Dec 12th. Fannie Mae has also raised the minimum allowable credit score from 580 to 620. However, there is no minimum credit score for refinancing under Obama administration’s Home Affordable Refinance Program.

Mortgage rates are near historic lows, but lenders continue to make it harder to get a home loan.

The benchmark 30-year fixed-rate mortgage fell 16 basis points, to 5.19 percent, according to the national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week’s survey had an average total of 0.38 discount and origination points. One year ago, the mortgage index was 6.39 percent; four weeks ago, it was 5.32 percent.

The benchmark 15-year fixed-rate mortgage fell 11 basis points, to 4.61 percent. The benchmark 5/1 adjustable-rate mortgage fell 6 basis points, to 4.58 percent.

The 30-year fixed hasn’t been this low since Bankrate’s April 15 survey, when it fell to 5.18 percent. In the 24-year history of Bankrate’s weekly survey, the all-time low was 5.13 percent, ;which was on April 1 this year.

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