Home Loan Specialists, Inc. Mortgage Rate Watch – June 17th, 2011

Average rates for the benchmark 30-year fixed mortgage, as reported by Freddie Mac, stood at 4.50% this week. This represents a change of +.01% over last week’s average which reached a new low for 2011.

The average for the 15-year fixed amortization equaled 3.67%, down .01% on the week. The 15-year average represents yet another new low for 2011.

Mortgage-backed security prices remain strong in contrast to the extreme volatility noted in the equity markets this week. This is largely a result of European economic instability particularly with respect to Greece.

Today, Home Loan Specialists is posting par rates of 4.25% on 30-year fixed conventional and FHA loan programs. 15-year conventional rates are listed at 3.5% with 10-year rates available as low as 3.25%. These rates do not include origination fees.

Now is an especially attractive time for active military and Veterans to take advantage of VA-guaranteed home loans and Texas Vet Home Loans. According to the Texas Veterans Land Board, current rates on a 30-year fixed rate purchase loan stand at 4.26%. These loans are particularly attractive for Texas Veterans because in most cases they require no down payment and many closing costs can be funded through seller contributions. Vets can purchase home at substantial discounts due to the weak housing market and afford even more home due to the low rates available. Additional information can be found by visiting http://www.mytexasvaloans.com.