If you have been shopping for a home there are 3 important things you should know about mortgage interest rates today.
Fed Raised Rates And Mortgage Rates Went Down
You probably heard the Federal Reserve raised interest rates .75% in July. The Federal Reserve does not control mortgage interest rates. It seems counterintuitive, but when the Fed raised their rates mortgage interest rates actually went down. Mortgage interest rates had been over 6% back in June. As of August 2nd, we were seeing quotes for 30 Year Conventional rates near 5%.
Jumbo Rates Are Lower Than Conventional Rates
In the Austin area the loan limit for Conventional mortgages is $647,200. If you are borrowing more than that you would be getting a “Jumbo” mortgage. Typically, we see interest rates for Jumbo loans to be higher than Conventional mortgage interest rates, but right now the Jumbo rates are actually lower. That’s right, the more you borrow the lower the rate. Only in America! If you are thinking of moving up or purchasing a higher priced home be sure to use the correct interest rate.
Mortgage Interest Rates Have Been Volatile
We have been seeing wild swings in mortgage interest rates lately with as much as .5% increase or decrease in a day. That means you have to stay in touch with your mortgage lender on a daily basis to keep up to date with the current rate for your situation. The mortgage interest rate surveys that are taken and publicized in the news are usually done on a Wednesday. When you see a news story about mortgage interest rates chances are that information is not up to date because they have been changing every week.
Kopa Real Estate is not a mortgage company. This article is for informational purposes only so you are aware of what is happening in the mortgage market. For specific interest rate quotes for your situation contact a mortgage company or if you don’t have one let us know and we refer you to a great local mortgage company.
If you're planning to sell in 2023, now is the best time to attend our Free Home Selling Workshops. If you want to attend a workshop, get in touch with us and we will notify you when they are scheduled. As always you can check KopaWorkshop.com to see dates and times of our in-person and online Free Home Selling Workshops. For years home sellers have told me they benefited from attending our events. Sign up at KopaSeminar.com.
The information on this page may have changed since we first published it. We give great real estate advice, but this page (and the rest of our site) is for informational use only and is no substitute for actual real estate, legal and financial advice. If you’d like to establish a Broker-client relationship, reach out to us and we’ll tell you how we can make it official. Sending us an email or reading this page alone doesn’t mean we represent you.
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