Any where here, current mortgage pricing or a little better is a good place for borrowers to lock in their Austin mortgage interest rates. Any reversal in stocks will simple reverse our direction and take the market to the lower part of the range. Enjoy the historic low Austin mortgage rates.
Hey what do you know, a little green on the screen! Case Shiller Home Price Index painted the screen with an improvement of 1.2% while the year on year figure was down 11.3%. The number were a bit better than consensus, showing signs of stability creeping back into the housing market. 17 of the 20 market surveyed showed positive price improvement with Charlotte, Las Vegas, and Cleveland the only decliners. Although the numbers are good, uncertainty with the 8K stimulus plan and continued high unemployment will need to be monitored.
Austin Mortgage Market Update - At the end of September, the supply of homes for sale was reported down 1.8% from the previous month in 27 major metropolitan areas. We all know the factors. Home prices are very affordable, mortgage rates and very favorable and first-time homebuyers are taking advantage of the $8,000 tax credit set to expire at the end of November, now just seven weeks away. The Mortgage Bankers Association saw loan applications for home purchases rise 13.2% last week, as the MBA's Purchase Index hit its highest level since last January. The average rate on 30-year fixed rate mortgage slid to 4.89% with an average 1.13 points (including the origination fee) for 80% loan-to-value ratio loans to borrowers with good credit. Freddie Mac's weekly survey of conforming mortgage rates put the average 30-year fixed rate mortgage at 4.87% with an average 0.7 point for 80% loan-to-value ratio loans to borrowers with good credit.
