Average rates for the benchmark 30-year fixed mortgage as reported by Freddie Mac stood at 4.60% this week, up .09% from the previous week. The average for the 15-year fixed amortization equaled 3.75%, up .06% on the week.
The only relevant news came with this morning’s deeply disturbing unemployment report. It had been forecast that unemployment would remain unchanged at 9.1%. However, the report illustrated an actual increase to 9.2%, a clear signal that more and more Americans are losing their jobs.
Home Loan Specialists is posting par rates of 4.375% on 30-year fixed conventional and 4.25% on FHA loan programs. 15-year conventional rates are listed at 3.625% with 10-year rates available as low as 3.25%. Rates appear headed to lower levels as a result of the jobs data.
Rates on VA loans remain very attractive – as low as 4.5%. For more information, check out our Texas VA Loans Website.
Our recommendation is to lock into fixed rates during the coming week. For buyers who have been pre-approved, this is a golden opportunity to secure great long-term fixed-rate programs.