Houston Mortgage Refinance: Mortgage Rates Continue To Fall, Setting Record Lows

Houston Mortgage Refinance: Mortgage Rates Continue To Fall, Setting Record Lows

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!

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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%

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