Mortgage Rates in TX are holding steady.

Looking to refinance or purchase? Now is a great time for both. 30 yr Conventional purchase loans are at 6.125 while 15 yr. is coming in much lower at 5.125. Now, if you choose to go FHA you are looking at 30 yr @ 5.625 and 15 yr @ 5.00. This is just a snapshot of today's rates and could change quickly. Let's assume you are purchasing a home for $150,000 with an FHA loan. FHA minimum down payment is 3% while conventional is 5%. Your down payment is 4,500 and closing costs are approximately 6,000 with an up-front MIP rolled in. In a good scenario closing costs will be paid by seller. Your monthly payments at 5.5% are $1,304 (principal,interest, taxes, insurance and mortgage insurance) IF you'd like to refinance, there are so many scenarios to input here, so I am going to go average... Your home is worth 180,000; you have 150,000 remaining on principle; your rate is 6.75. You can refinance back to 30 yr at 5.5% (almost 45,000 saved in finance charges) and monthly payments will be about $1,255, or you can refinance to a 15 yr @ 5.125% (saving almost 150,000 in finance charges) but keep in mind your payments will go up due the shortening of the term from 30 yr to 15... payments will average 1755 compared to the 1,500 it is now. You are also paying almost twice as much to principle as you were before. Make sure you talk with a licensed mortgage broker or loan officer for more information or if you know someone who could benefit from this information.