Austin Area Continues To See Mortgage Rates Fall
For the sixth straight week in a row mortgage rates in Austin and throughout the country have continued to fall. Thirty-year fixed-rate mortgages fell to an all-time low for 2011 with a rate of 4.6 % last week according to Freddie Mac. Fifteen-year fixed rate mortgages ended the week at 3.78 %. One-year adjustable-rate mortgages averaged 3.11%, down from 3.15% the week before.
Freddie Mac chief economist Frank Nothaft said, “U.S. house prices indexes may be nearing a bottom soon.” Low interest rates are continuing to draw in borrowers. The number of those looking to refinance existing mortgage loans as well as new loan borrowers both rose last week, per a report by the Mortgage Bankers Association. Interest rates are dropping and home sales are up. For the month of April new home sales rose to 7%, the highest level seen in 2011.
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