Hello, friends!
Another week, a new story. It has finally happened. Last Thursday, the federal reserve increased its short-term interest rates as it slowly starts getting things back to normal. This increase in rates came on time as many predicted and as we get closer to the March 31st conclusion of the Federal Direct Purchase Program (feds buying up securities to keep rates down) we will see mortgage rates slowly increase over the next 30 days.
In my opinion I feel our 30yr fixed rates will sit at 5.5% 30 days from today. I hope for all our sakes I am wrong in my prediction but it has to happen some time as these historic low rates have been artificially subsidized by the Federal Reserve.
Once the money runs dry, the market will resume its normal business and rates will move back to the averages we see in slower economic times which hover in the mid to upper 5′s and lower 6′s in better times.
Last chance to refi if you’ve been procrastinating!
Todays Rates:
30yr Fixed- 4.875% 0+1
15yr Fixed- 4.375% 0+1
FHA/VA 30yr- 5.00%
USDA 100% financing- 5.00%
With a few pieces of information, and in a matter of hours, I can discern whether a refi will save you money. Contact me today, so we can grab you one of these low rates before they go up in March.
Sincerely,
D. Stephen Steakley, Jr.
Austin, Texas Home Loan Expert
512-577-8898 ph
UA website - Austin Texas Home Loans
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