Recognizing the rising trend in mortgage rates recently has had many people rushing to their banks and/or credit unions to refinance their mortgage. Last week we saw mortgage refinance applications rise for the 3rd straight week with the trend expecting to continue. And since this rise, we’ve been taking note of some decent local offers from around the country. This week we wanted to narrow our focus to the state of Texas, and more specifically, to some of the lowest adjustable rate mortgages offered there.
And for those looking to purchase a new home in Texas, there’s still plenty of reason to believe it’s a buyers market.
According to our surveyed data on home prices in Austin, Texas, current homes on the market which have recently seen a price reduction come in at 30% of all homes listed for sale, while the national average for home price reductions sits at just under 25%.
Below are this week’s best ARMs (adjustable rate mortgage) offers in Texas. Please note these offers come with the assumption of 20% down and a home loan under $400,000.
Lowest ARMs in Texas:
(Rates accurate as of Jan 2011)
- Wells Fargo Bank out of Wimberly, Texas, has a 7/1 ARM (adjustable rate mortgage) going for 3.370% APR with origination fees of 1.00%.
- Bank of America out of Dallas, Texas, has a 5/1 ARM (adjustable rate mortgage) going for 4.125% APR with 1.00% points.
- Bank of the Ozarks out of Texakana, Texas, has a 5/1 ARM (adjustable rate mortgage) going for 3.500% APR with no origination fees or points.
- Sabine State Bank and Trust Company out of Jasper, Texas has a 3/1 ARM (adjustable rate mortgage) going for 4.75% interest with no origination fees or points.
- The same Wells Fargo (out of Wimberly, TX) that we mentioned earlier has a 3/1 ARM going for 3.378% APR with 0.25% points and 1.00% origination fees.
- Sabine State Bank and Trust Company out of Jasper, Texas also has a 1/1 ARM (adjustable rate mortgage) going for 4.125% interest with no origination fees or points.
If you live in Texas and happen to know of a better adjustable rate mortgage deal going on through your local bank or credit union, please share by leaving a comment!