http://finance.yahoo.com/news/Mortgage-rates-hit-decadeslow-apf-2452651798.html?x=0&sec=topStories&pos=2&asset=&ccode=

Mortgage refinance rates fell to the lowest level in decades for the tenth time in 11 weeks, as investors worried about the economy.

The average rate for a 30-year fixed loan was 4.32 percent this week, down from 4.36 percent last week, mortgage buyer Freddie Mac said Thursday. That’s the lowest since Freddie Mac began tracking rates in 1971. The average rate on 15-year fixed loan dropped to 3.83 percent from 3.86 percent the previous week. That’s the lowest on records starting in 1991.

Rates have been falling since spring as investors have shifted money into safer Treasury bonds. That has lowered their yields, which mortgage rates tend to track. The low rates have fueled a wave of refinancing by borrowers. Refinancing is at its highest level since May 2009 and makes up almost 83 percent of all new loans, its highest share since January 2009. People seeking lower rates helped boost mortgage applications by 2.7 percent last week, the Mortgage Bankers Association announced Wednesday.

Whether you’re interested in mortgage refinancing or a new home mortgage loan, we’re available to help! We’re a local Houston mortgage lender that’s been helping people all over Texas! And.. remember we’re a “No Point” lender! Give us a call today!

Houston:  713-589-2244     Dallas:  972-325-2120     Austin:  512-996-8194

Houston Mortgage Refinance Rates as of 09/02/2010
Mortgage Rates                                       Interest Rate  APR 
Texas Conforming Home Loans and FHA Home Loans: 
30-Year Fixed Mortgage Rates             4.375%     4.559%
30-Year Fixed FHA Mortgage Rates   4.500%     5.233%
15-Year Fixed Mortgage Rates              3.750%     4.069%

 Austin Refinance  | Dallas Refinance  | Houston Refinance  | El Paso Refinance

Currently, Bank of America is offering 30-Year fixed mortgage rates at 4.87% with an additional 1.00% for closing costs. Charging additional points for closings costs in common practice with major lenders. You don’t have to pay additional points to get low mortgage rates! We’re a “No Point” lender! View our straight forward closings costs here!

Whether you’re interested in a mortgage refinancing, a new home mortgage loan or a home equity loan, we’re available to help! Give us a call today!

Houston:  713-589-2244      Dallas:  972-325-2120     Austin:  512-996-8194

Austin Refinance | Dallas Refinance | Houston Refinance | El Paso Refinance

When you refinance, you will get a refund from your current mortgage company for this year’s escrow balance. Normally, you get this 30 days after your new loan starts or the old loan stops. However, if you escrow the new loan and want to roll closing costs AND pre-pays into the new note, your loan amount will be higher. Therefore you’ll have a higher payment. Another option is coming to closing with your new escrow.

It’s important to remember why you’re refinancing in the first place… to lower your payment and/or principal interest as much as possible.

My suggestion is do a private escrow and get the best of both worlds. Consider refinancing without a bank escrow. Go to your bank and open a savings account that doesn’t have a debit card attached to it and have them auto transfer your monthly taxes directly to this property-tax saving’s account. This way you don’t have to raise your loan amount and since the bank is going to deposit your monthly taxes into a stand-alone account, you’ll never have to worry about your tax bill at Christmas time! Lower payment, never worry about your taxes, no stress.

Interested in taking advantage of the record low mortgage rates? Do you have unanswered mortgage refinance questions? Give us a call today!

Houston: 713-589-2244     Austin:  512-996-8194     Dallas: 972-325-2120

Today’s mortgage refinance rates are still at historic lows. With Houston mortgage rates this low, refinancing could save you on your monthly payment or lower the term of your loan which will get you out of debt quicker.

Whether you’re interested in mortgage refinancing, a new home mortgage or even a home equity loan, we’re a local Houston mortgage lender that can help you, today!  Give us a call today!

Houston:  713.589.2244      Austin:  512.996.8194      Dallas:  972.325.2120 

Houston Mortgage Refinance Rates as of 08/26/2010
Mortgage Rates                                      Interest Rate APR 
Texas Conforming Home Loans and FHA Home Loans 
30-Year Fixed Mortgage Rates             4.375%     4.559%
30-Year Fixed FHA Mortgage Rates  4.500%     5.233%
15-Year Fixed Mortgage Rates             3.750%     4.069%

Austin Refinance  | Dallas Refinance  | Houston Refinance  | El Paso Refinance

http://online.wsj.com/article/BT-CO-20100819-709125.html

Today, The Wall Street Journal reports that mortgage rates again declined the past week, with the average rate on long-term fixed-rate mortgages continuing to deepen all-time lows, according to Freddie Mac’s weekly survey of mortgage rates. Adjustable-rate mortgages Freddie tracks, however, remained flat with prior-week levels.

Mortgage refinance rates have fallen in recent months as the Treasury market has rallied, prompted by volatility in stocks. Higher Treasury prices mean lower yields on the debt, and mortgage rates tend to track those yields.

The 30-year fixed-rate mortgage averaged 4.42% for the week ended Thursday, down slightly from the prior week’s 4.44% average and 5.12% a year ago. The average for 15-year fixed was 3.9%, down from 3.92% the previous week and 4.56% a year earlier.

The 30-year and 15-year fixed are at their lowest points since Freddie began tracking such rates, in 1971 and 1991, respectively.

Take advantage of the record low Texas mortgage refinance rates! Give us a call today!

Houston: 713-589-2244    Dallas:  972-325-2120     Austin:  512-996-8194

Houston Mortgage Refinance Rates as of 08/19/2010
Mortgage Rates                                      Interest Rate  APR 
Texas Conforming Home Loans and FHA Home Loans 
30-Year Fixed Mortgage Rates              4.500%     4.686%
30-Year Fixed FHA Mortgage Rates   4.500%     5.233%
15-Year Fixed Mortgage Rates              3.750%     4.069%

Austin Refinance  | Dallas Refinance  | Houston Refinance  | El Paso Refinance

http://www.marketwatch.com/story/fixed-mortgage-rates-hit-record-lows-freddie-mac-2010-08-12?reflink=MW_news_stmp

NEW YORK (MarketWatch) — Fixed-rate mortgages continued their decline to record lows this week and the 5-year adjustable rate also reached a new low, Freddie Mac reported Thursday.

“Low rates are helping to heal many battered local housing markets by increasing home-purchase activity,” said Frank Nothaft, vice president and chief economist at Freddie Mac, in a news release.

The 30-year fixed-rate mortgage averaged 4.44% for the week ending Aug. 12, according to Freddie Mac’s weekly survey of conforming mortgage rates. It averaged 4.49% last week and 5.29% a year ago. The rate is now at its lowest level since Freddie Mac started tracking it in 1971.

The 15-year fixed-rate mortgage averaged 3.92% this week, down from 3.95% last week and 4.68% a year ago. It is also at its lowest point since Freddie Mac started tracking the rate in 1991.

Interested in taking advantage of record low mortgage refinance rates? Give us a call today!

Houston: 713-589-2244   Dallas:  972-325-2120    Austin: 512-996-8194

Houston Mortgage Refinance Rates as of 08/12/2010
Mortgage Rates                                       Interest Rate  APR
Texas Conforming Home Loans and FHA Home Loans 
30-Year Fixed Mortgage Rates 4.500%     4.686%
30-Year Fixed FHA Mortgage Rates  4.500%     5.233%
15-Year Fixed Mortgage Rates 3.750%     4.069%

Austin Refinance | Dallas Refinance | Houston Refinance | El Paso Refinance

Nearly everyone wants to get the lowest mortgage rate possible when it comes to getting a loan for your home. So how can you get the lowest rate?

The first step to getting the best mortgage rates is for you to understand how mortgage rates are determined. Then determine where you stand based on your credit history and credit score.

If you currently have a mortgage loan, have you been hearing rates other people qualified for or have looked in the newspaper and seen low rates that make yours seem gigantic? Ever wondering how some people can secure a lower rate? Maybe you are looking for a mortgage and you want to have the lowest rate possible.

One of the most important factors in your mortgage rate is your credit rating. Most loan companies and banks will use your credit score (aka FICO score) to determine what rates you will be charged or if you will even be approved for the loan. You can receive a free credit report from each credit bureau annually.

However, this doesn’t mean that you have to have perfect credit to get a good mortgage rate. The truth of the matter is the better your FICO score, the better your chance of a good mortgage rate but there are other ways you can try to lower your rates even if you have less than perfect credit. Typically, a good 720+ credit will get you the lowest rate.

First, it is essential you pay any and all of your existing bills on time and as soon as possible. Pay off all your collections. Avoiding delayed payments will help add points to your credit score. It can also be helpful to pay more than the minimum amount on long term balances. Paying over the amount due shows that you want to pay off your debts and also helps improve your score over time. You should also avoid applying for new credit which can lower your score with each new credit check. These simple strategies combined can help you get the lowest mortgage rates possible for you.

Today’s current market rate is:

30 years fixed – 4.375% // APR – 4.441% 

15 years fixed – 3.75% // APR – 3.865%

Contact me, Frank Zhu, and let me help you find the lowest rate in Texas when it comes to mortgage. I’m bilingual in English and Chinese. Give me a call at 512-919-0154 for your mortgage needs.

When you compare mortgage offers you will see that many require points. What are points?  Points are an important part of qualifying for a mortgage; paying points when you don’t have to is a waste of money.

So what is a discount point?

Discount points are simply an upfront fee you pay the mortgage lender at closing. Points are pre-paid interest on the loan. Some mortgage lenders will finance your points, meaning you do not have to come up with the cash at closing. The points you are required to pay are in addition to your closing costs. You should get something in exchange for paying points, typically a lower interest rate. Also the discount points does not add up in your APR. Be careful when you are shopping for rate that is lower than a typically market rate.

How much is a point?

One point is one percent of the loan amount. If your mortgage is for $200,000, one point will cost you $2,000. The more points you agree to pay at closing the lower your mortgage interest rate should be. Mortgage lenders typically lower your interest rate by .25% for each point you pay. Paying points doesn’t make sense for every homeowner. The savings you realize by paying the points have to allow you to recoup the expenses to make paying points worthwhile. This is especially true in a refinance. You don’t want to put more money in just to lower the rate. It would take a long time to recoup to cost for buying down the rate.

Should You Pay Points?

Paying points can be a negotiating point for your new mortgage. If you plan on staying in your home for seven years or longer you will have time to recoup the expense of paying points. If you plan on moving sooner you will most likely lose money by paying this fee. You can learn more about your mortgage options by contact me at 512-919-0154.

Remember, I’m always a phone call away if you have any questions regarding any mortgage questions. I’m bilingual in English and Chinese.

Some people wonders what is the mortgage rates based on. After all, that’s what people first look for when getting a mortgage.

Well, mortgage rates are affected by a variety of factors. More often than not, like everything in the law of economics, it based on the supply and demand.

A strong economy results in more borrowing which in turn results in higher interest rates.

On the other hand, with the weak economy, borrowing goes down and so does interest rates.

The Federal Reserve can also influence interest rates through raising or lowering the discount rate which is the interest rate banks are charged when they borrow money from the Federal Reserve. Thereby, the banks charge a lower interest rate by passing down that discount.

Currently, the Federal Reserve has the discount rate set nearly to zero. Therefore, the banks basically borrowing money from Federal Reserve for almost free. That’s why we still currently have all-time low mortgage interest rates. If the Federal Reserve starts to increase the discount rate, you can bet that the mortgage rates will steadily rise with it.

For more information about what determines the mortgage rates, visit it:

http://www.mortgagenewsdaily.com/mortgage_rates/blog/35491.aspx

Today’s market rate (no points) are:

30 years fixed – 4.375% // APR – 4.441%

15 years fixed – 3.75% // APR – 3.865%

The mortgage rates are still really low, call your mortgage guy, Frank Zhu, to discuss your refinance situation.

I’m bilingual in English and Chinese. Give me a call at 512-919-0154.

There are some questions you need to ask yourself when you are considering refinancing. This will help you uncover your goals in doing the refinance. Here are 5 questions you might need to ask for yourself.

1 – Is it a good idea to refinance my home?

Sometimes, it makes sense to refinance but it depends on your individual situation and what your long-term financial goals are. You may be tired of paying more than one mortgage on the same home or you may want to lower your interest rate and/or monthly payment. To find out if it is a good idea to refinance your home, you need to ask yourself these questions: (See how it is uncovering your goals from general question to more specific ones)

2 – How long do you plan to live at your home?

If you plan to live at your home for a short while, maybe it is better to consider 30 years fixed rate to lower your monthly payment. If you plan to live at your home for a long time, maybe a 15 years fixed rate would be a better fit so that you would save interest in the long run.

3 – How much equity do you have for your home?

The lender requires you have at least 20% equity in your home before you can refinance. It’s great if your home went up in value but bad if the value went down from the new appraisal. You might not have the ability to refinance.

4 – Is it costly to refinance?

You may be able to refinance your existing home loan at low to no cost to you. There is always costs associated with getting a loan. You are paying that cost in one of 3 ways:

Pay with cash at closing

Pay by rolling the costs into the loan

Pay by the lender who gives you a higher rate

Lender might refer this as a “no-closing cost” loan, but keep in mind that you are still paying for it by paying a slightly higher monthly mortgage payment.

Figure out how much are you saving over how much it will cost to refinance. Then you will find the “break-even” period.

5 – What is the difference between the rate and the APR?

The annual percentage rate combines the estimated closing costs into the rate. It is basically the effective rate you will have on the first year of you loan.

Speak of rates, today’s market rates are:

30 years fixed – 4.375% // APR – 4.441%

15 years fixed – 3.75% // APR – 3.865%

There you have it. Find the answers to those questions and you will have a better idea on whether or not it makes sense for you to refinance. I’m always available if you have any questions or need help. Feel free to give me a ring at 512-919-0154.