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.…
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