Mortgage Rates and News for This Week -

January 20th, 2012 2:24 PM

This week we saw a slight rise in mortgage rates from the week prior but we expect mortgage rates to stay near historic lows for the foreseeable future unless some major event causes hyper-inflation.
On a side note the bigger banks continue to have problems with thier mortgage products. This week Bank of America announced that it was backing out of the Cash-out refinance market.
Once again, if you are looking refinance or if you need to get a pre-qualification in order to shop for a new home please do not forget about me. Or, if you are a merchant and you want to be able to offer financing for your clients to purchase your product, I now have a product for you.
What is going on this week with mortgage rates? (See below)
Average Rate Given to Consumers This Week and Last

Product	Rate	Last Week
30 Year Fixed Mortgage	3.92% Up from	3.91%
15 Year Fixed Mortgage	3.26% Up from	3.22%
5/1 Fixed ARM	2.88% Up from	2.87%

Rates shown are sourced from Bankrate.com and may include points.

Samuel Morales
Residential and Commercial Loan Officer
Office: (210) 257-0642
Mobile: (210) 286-7267
Fax: (210) 257-0510
www.yourloanofficer4life.com
www.streamlinefha.org
www.streamlinefha.net
www.texasjumbomortgage.org
NMLS: 295626
Recommended credit Repair Company: Sky Blue Credit Repair

The House Voted In Favor of Increaseing FHA Loan Limits

As of yesterday the House voted in favor of increasing FHA loan limits back up to their previous limits prior to Oct 1, 2011.  We should be hearing if congress is to OK the legislation in the coming days.  If I had to make an educated guess I would say the legislation will pass considering the amount of inventory the large banks are holding in regards to foreclosures; they need all the help they can get. 

Average Overnight Mortgage Rates Per BankRate.com

Product	Rate FHA	Rate Conventional
30 Yr Fixed	4.03%	4.4%
15 Yr Fixed	3.38%	3.75%

On average I am .02 - .25% lower than the overnight average.