Houston Refinance: New Week Mortgage Rates Looking Good

Houston Refinance: New Week Mortgage Rates Looking Good

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.

Maybe it was because of the Friday’s weaker than expected job report where only 39,000 private sector jobs were added. Most of them are seasonal workers and from the health care industry. Or maybe it was because of Ben Bernanke’s interview with Scott Pelley from 60 Minutes where Bernanke said that the job market looks grim and unemployment will continue to be an issue for a couple of years to come. Maybe it was a combination of both sent the bond market demand up so the yield went down and therefore drove the mortgage rates down by about 0.125% to 0.25% points.

Whatever the case maybe, the mortgage rates are definitely seeing a big break after last 2 weeks of torture. Today’s market rate with no points are:

30 years fixed – 4.5% // APR – 4.623%

15 years fixed – 3.75%  // APR – 3.812%

Right now is definitely a good time to lock your loan if these rates are what you are looking for. Of course, you could always buy down the rate to get even lower rate. But it is a good idea to calculate how long it will take for you to recover those extra closing costs from buying down the rate. If you plan to stay at your home for a long time and makes sense, then definitely go for it, buy the rate down and enjoy the savings after X amount of years. But if you are planning to move soon, take the market rate and run with it. There is no point in spending the extra money if you are not going to enjoy the benefit later on.

If you need help deciding what option is right for you. Let me give you a couple of options and see what one fits your goal.

We also offer “no cost” refinance. Contact me, Frank Zhu, and let me help you find the lowest rate in Texas when it comes to your mortgage. I’m bilingual in English and Chinese. Give me a call at 512-919-0154 for your mortgage needs.

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