So LOAN RATES – Crossland Team

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Mortgage Rates Drop Below 6%

Loan rates are back in the 5%s and may keep falling. I’m not sure if this will create any notable demand increases in Austin, but buyers and investors do at least perk up when rates drop below 6%. On the downside, the “number of loans” limit recently fell from 10 to 4, meaning if you already have 4 or more real estate loans, you cannot obtain another conforming real estate loan. This has stopped at least one sale I know of.

From a Realtor email newsletter I receive:

For the first time since early spring, mortgage rates have fallen below the 6-percent threshold.

Freddie Mac reports that 30-year fixed loans came in at an average of 5.93 percent this week, down from 6.35 percent a week ago and 6.31 percent at the same time last year.

A borrower taking out a $200,000 mortgage at 5.93 percent would pay $1,190 for monthly principal and interest payments, which is $54 less than the payments on last week’s rate.

Posted by Steve
9 years ago