Houston Refinance: Tomorrow Determines The Rates

Houston Refinance: Tomorrow Determines The 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

Today’s mortgage mostly ended unchanged. We are waiting for tomorrow’s NFP report on the job unemployment rates. This will be a highly risky event to the mortgage rates because depending on how well the economy is doing overall, will determine which way the rates will be headed. With a better than expected ADP result on Tuesday, the market is expecting a good result on the NFP report as well. This might be bad for the mortgage rate, since the Mortgage Back Security follows the bond market.

And a strong economic data is good for the stock market but bearish for the bond market and pressures mortgage rates to go higher. There is not much we can do but wait to see how this will play out. Remember the goal here is to get you to establish a reasonable goal when you are refinancing your home. Don’t bother chasing the market because it will give you a headache. But rather find a rate you are comfortable with stick with it.

Today’s market rate with no points are:

30 years fixed – 4.875%  //  APR – 4.912%

15 years fixed – 4.25%  //  APR – 4.314%

The last month of 2010 was hectic in the mortgage market as the volatility in the market increased to a level we never seen before. Hopefully in the year 2011, the market will be a little more stabilized.

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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