Dallas Mortgage Refinance: Mortgage Rates Decline to Lowest Levels

Dallas Mortgage Refinance: Mortgage Rates Decline to Lowest Levels

http://online.wsj.com/article/SB10001424052748704904604575262713807080890.html

The financial turmoil in Europe is providing an unexpected windfall for American home buyers, as international money seeking a safe haven is flowing into the U.S., pushing domestic mortgage rates to the lowest levels of the year and back near 50-year lows.

The housing industry had been bracing for months for a period of rising mortgage rates, triggered by the end of the Federal Reserve’s $1.25 trillion mortgage-securities purchase program. Conventional wisdom held that mortgage rates would rise as the Fed pulled back from propping up the market.

Instead, many in the industry now say rates could drift as low as 4.5% this summer from 4.86% now, instead of rising to 6% as some economists projected, making for significantly lower payments for Americans buying homes or refinancing their mortgages.

Refinance business “exploded” last week, says Jeff Lazerson, chief executive of Mortgage Grader, a brokerage in Laguna Niguel, Calif. “It’s schizophrenic. We all had this expectation of higher interest rates and no more refinances.” He says he helped a borrower lock in a 30-year loan with a 4.25% fixed rate last week, the lowest in his 24 years in the business.

Rates on 30-year mortgages averaged 4.84% last week, according to a survey by mortgage-insurance titan Freddie Mac. Rates were quoted late Friday at 4.86%, the lowest since December 2009, according to a survey by financial publisher HSH Associates, and down from a high of 5.27% for the week ended April 9. Rates on 15-year mortgages averaged 4.24% last week—the lowest since Freddie began its survey in 1991.

Whether you’re interested in a new home mortgage, refinancing an existing home mortage or a home equity loan, we can help! We’re a local Dallas mortgage lender that can offer you the best mortgage rates with the lowest closing costs! Give us a call today!

Dallas:  972-325-2120     Houston:  713-589-2244     Austin:  512-996-8194

If you’d like more information regarding a Texas refinance or a home equity loan please call us at 512-996-8194

Austin Refinance | Dallas Refinance | Houston Refinance | El Paso Refinance

Texas FHA VA Mortgage Rates

Find mylendingplace.com and our reviews on Yelp: http://www.yelp.com/biz/mylendingplace-com-mortgage-and-refinance-austin