Refinance Rates Texas

Refinance Rates Texas

According to Bloomberg.com, rates for Texas 30-year mortgages held at the lowest level on record as fewer Americans sought loans for home purchases.

The average rate for a Texas 30-year fixed loan was unchanged in the week ended today at 3.87 percent, the lowest in records dating to 1971, Freddie Mac said in a statement. The average Texas 15- year rate climbed to 3.16 percent from 3.14 percent, according to the McLean, Virginia-based mortgage-finance company. http://news.businessweek.com/article.asp?documentKey=1376-LZ3GU06JTSE901-73MTU0VG6TQ74THH5SRDIHCIOO

Financing applications for home purchases declined 6.9 percent in the past four weeks, said Paul Diggle, property economist for Capital Economics in London, citing figures from the Mortgage Bankers Association. The data suggest that recent improvements in U.S. home sales may not be “built on solid foundations,” he wrote in a note to clients yesterday. http://www.mylendingplace.com/

“At some point, mortgage applications will have to improve to keep the recovery in home sales going,” Diggle said in the note. “We believe that faster jobs growth and slightly looser credit will provide this boost to mortgage demand.”

 

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