Houston Refinance: Sharper Increase in Rates

Houston Refinance: Sharper Increase in Rates

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.

If you live in Austin | Houston | Dallas please call Frank Zhu for your custom Good Faith Estimate.

Frank Zhu:  512-919-0154

frank@mylendingplace.com

We been kind of hoping for the rates to drop but the opposite has happened and it happened fast. During Thursday and Friday of last week, the rates went up dramatically compared to the previous slight increases. The start of this week was no different.

Because of the unemployment rate coupled with the worse weather of the year and sprinkle it with some statistical adjustments, you got a receipe for bear market in the bond market.

If you are still looking to refinance, get your calculator out and start doing some math on would it still be worth to refinance right now with the rates like this. If not, then you might want to wait for the rates to come back down again(slowly). Although that might not even happen in the future.

Today’s market rates with no point are:

30 years fixed – 5.25%  //  APR – 5.311%

15 years fixed – 4.5%  //  APR – 4.592%

Although these rates might seem high now compared to the rates from a couple of months before in 2010, they are still lower than the rates we had years before when it was near 8% to 10%. Still take advantage of these rates when they are still good before the rates really hit the fan.

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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