Austin Area Mortgage Rates See Drops Eight Weeks in a Row

Owning a home in the Austin area has been made a little bit more affordable lately with decreasing interest rates on 30-year fixed-rate mortgages. After eight weeks of decreasing rates, the numbers have stalled.

Last week was the first increase in mortgage interest rates seen in over two months. According to Freddie Mac's weekly report the 30-year fixed-rate mortgage inched up slightly to 4.5% from 4.49% the week before. The rate may have inched up slightly, but it is still among the lowest numbers seen in 2011.

15-year fixed-rate mortgages saw a slight decline from 3.68% to 3.67%. The one-year adjustable-rate mortgage (ARM) also has seen quite a decline when compared to this time last year. The current ARM rate last week was 2.97%, which is down from 3.82% this time last year.

The majority of new loan applications continues to be from existing homeowners. Many homeowners in the Austin area are taking advantage of the low interest rates and are refinancing their existing mortgages. The number of refinance applications rose by 16% last week. 70% of all new mortgage applications are for refinancing.

The housing market in Austin was stalled in April. Compared to 2010, home sales in Austin were down 16% according to the Austin Board of Realtors.

There is no better time to buy a home. Take advantage of these low interest rates. Contact the Shane T. White Team if you are looking to buy or sell your home. Discover what it is like to work with a team with a real passion for real estate. Contact us today at (512) 515-LAND (5263). We are here for you to help you buy or sell real estate near Austin in the Liberty Hill area, including Leander, Georgetown, Cedar Park, and Bertram.