Houston Refinance
Refinancing in Houston area
Today’s Mortage Rates
Mortgage Rates Back Near Record Low
May 28th
The stock market trouble and the European debt crisis are things easier for American homebuyers and families looking to refinance. This is due to mortgage rates inching closer to a record low.
However, this window of opportunity may close soon due to rising home loan rates. This will occur if investors grow more confident and shift money out of the safety of government bonds. These bonds are what influence mortgage rates.
Despite the threat of the window closing soon, rates are tantalizingly low at the moment. The average 30-year fixed-rate loan sank to 4.78 percent this week. That is the lowest this year and barely above the record of 4.71 percent, which was set in December. In addition, 15-year loans are at their lowest rates in two decades. Read the rest of this entry »
Mortgage Refinance Rates: 30 Year Refinance Rates at 4.95%
May 13th
Mortgage refinance rates are lower again this week in our latest refinance mortgage rates survey. 30 year mortgage refinance rates are averaging 4.95 percent this week, down from the previous week’s average 30 year refinance mortgage rate of 5.03 percent.
Refinance rates have been slowly going lower since mid April. Lower mortgage refinance rates drove demand for refinancing higher in the latest Refinance Index survey released by the Mortgage Bankers Association. The Refinance Index, which is a measure of mortgage applications for refinancing jumped 14.8 percent.
10 year U.S. Treasury yields were also lower last week as investors fled the Euro and bought Treasuries. The European Union and the IMF finally put together a rescue package for Greece.
15 year refinance mortgage rates were also lower this week over last. The current average 15 year mortgage refinance rate is averaging 4.35 percent, down from last week’s average 15 year mortgage rate of 4.42 percent.
30-year fixed-rate mortgage remains at 4.96%
Mar 18th
Freddie Mac on Thursday states the mortgage rate average for a 30-year fixed-rate remains the same at 4.96%. The increase was from 4.95% compared to last period. Frank Nothaft, Freddie Mac chief economist stated, “Mortgage rates for fixed-rate mortgages were virtually unchanged this week as the effects of storms emerged in recent housing data. New construction slowed by 5.9% in February to 575,000 homes.”
Bankrate: Mortgage Rates Dip Down
Mar 4th
Bankrate Press Release:
SOURCE Bankrate, Inc.
NEW YORK, March 4 /PRNewswire-FirstCall/ — Mortgage rates moved lower this week, with the average conforming 30-year fixed mortgage dipping to 5.12 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.39 discount and origination points. Read the rest of this entry »
Mortgage Rates Rose Slightly But Still Within Record Lows
Dec 11th
Mortgage rates moved up slightly this week but remain within striking distance of record lows. The average 30-year fixed-rate mortage rate is 5.04% according to bankrate.com. On larger jumbo mortgages the average rate is 6%. Don’t be fooled by the lower adjustable-rate mortgages. For example, the current adjustable-rate is 4.55%. Even though the adjustable mortgage rate might be slightly lower, the mortgage rate will only last 5 years. After 5 years there might be a significant monthly payment increase and it might wreak havoc on your budget because of a reset on the rates. For most home owners fixed-rate mortgage are where the value is because they lock in affordability for a longer period of time. If you currently have adjustable-rate mortgage, refinancing should be an option to consider. Refinancing will give you a fixed payment and might lower your cost in the long run.
Mortgage Interest Rates at Record Low
Nov 12th
Bankrate.com 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 Bankrate.com 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.
Source:Bankrate.com
Mortgage Rates Remained Unchanged Today
Nov 3rd
Houston Refinance Update
According to Subprime Blogger, the conventional 30 year fixed rate mortgage is at 4.79% while the 15 year fixed mortgage rate is at 4.27%. The conventional 5/1 ARM is up slightly to 3.84%. FHA home loan rates are generally .5% to .75% higher than conventional mortgage rates but it varies per lender. Refinancing is still ideal at this time.
Rising unemployment, cautious consumers, tight credit and various troubles in the commercial real estate market are causing the slow recovery rate of the economy. The Federal Reserve are leaving the interest rates at a record low this week to help improve the economy.
The 10 year U.S Treasury yields fell below 3.50%
Nov 2nd
Mortgage interest rates dipped slightly today. The 10 year U.S Treasury yields fell below 3.50%. Even though mortgage interest rates lowered slightly, there has been signs that the economy is beginning to pick up. If you’re looking for a time to refinance do not wait any longer to get a lower interest rates as it is unlike that this dipping interest rates will continue. Refer to our recent post, 5 Reasons to Refinance Your Mortgage, if need more reasons to refinance.
