In 1990, Bergstrom Air Force Base, which was the primary military facility in the Travis County area, was considered as a site for possible closure, at which time it was also considered as a possible site for a new international airport, since Robert Mueller Airport was no longer big enough to support the population and numerous flyers as Travis County expanded. A study was conducted, and in August of 1991, the Austin City Council officially announced the site as the home of the new international airport to be built.

In 1993, the residents of Austin approved a $400 million bond proposal to build the new airport, and later the same year, Bergstrom Air Force Base officially closed its doors and construction on the airport began a short time later. In late 1994, the name Austin Bergstrom International Airport was chosen, and later the same month, a groundbreaking ceremony was held at the site, and construction began a few months later, in early 1995. Later that year, the FAA announced the relocation of the Del Valle public schools, which was necessitated by the construction of the new airport, and construction was begun on the new airport traffic control tower and other facilities.

In early 1997, it was announced that the new passenger terminal would be named in honor of Texas Congresswoman Barbara Jordan, and plans were finalized a few months later to commence relocation of the local schools, which were in the planned flight paths of the new airport, at a cost of over $45,000.000. A ribbon-cutting ceremony was held in June of 1997 for the new air cargo facility, and operations began at the facility a few months later. Also in 1997, the Southwest Region of the FAA awarded the 1997 Environmental Achievement Award to the new airport for being a model environmental airport.

In February of 1999, the east runway of the airport opened, and in April, the new passenger terminal was dedicated to Barbara Jordan. A month later, in May of 1999, the airport officially began passenger service to and from the Austin area to numerous national and international destinations. By January of 2007, the new airport reported a record breaking 8.2 million passengers through the airport for the year of 2006, and the airport had gained a reputation for providing excellent service and various amenities for travelers and their family and friends, including various eateries and live music on a regular basis.

Today, twelve different airlines offer service to and from Austin, and nonstop flights are offered to fifty different destinations from the airport, some international. Parking is ample at ABIA, and many rental car companies offer a variety of services along with numerous shuttle services to and from parking areas as well as the city itself for flyers who choose not to drive to the airport, including the city bus service, Cap Metro.

While waiting at the airport, patrons can enjoy a full meal with a regional flair from Matt's Famous El Rancho, the Salt Lick BBQ, or Waterloo Ice House, or a quick snack or drink from Amy's ice Cream, Austin Java, or Mangia Pizza, among many other choices. Those interested in beer, wine, or a cocktail have a choice of Earl Campbell's Sports Bar, the Highland Lakes Bar, or Lefty's Bar and Grille, among other spots, and shoppers can peruse the wares of Book People and Waterloo Records and Video for something to read or music to listen to, among various other options.

Live music is available regularly at all three bars listed above, as well as the Austin City Limits location which is affiliated with Waterloo Records and Video at ABIA, and art exhibits are on display throughout the airport as well.

All in all, ABIA is a great asset to the Austin and Travis County area, and worth a visit even if you are not traveling, and a welcome addition to the Austin transportation scene if you are!

Escape Realty is a group of realtors helping clients in the Austin Texas Real Estate market. Their blog covers news and statistics in the Austin real estate market. They also has a free map search of the Austin MLS.

Austin, Texas, is well known for its high rate of resident activity. In fact, Austin is often rated among the healthiest and most-active cities in America. With a wealth of outdoor activities to choose from (parks, lakes, and hiking trails abound) Austinites have access to an almost indefinite number of options when it comes to exercise.

In recent years, Austin's cycling community has grown exponentially, due to its commuter-friendly downtown area, its close proximity to the beautiful hill country, and its abundance of parks and trails. Both mountain bikers and road bikers alike flock to Austin for its wealth of exceptional, well-maintained trails, as well as its other cycling resources.

Bicycle shops abound in Austin, offering everything from merchandise, maintenance and service, to beginners classes and organized riding groups for every experience level.

With two locations, strategically placed on opposite sides of town, Bicycle Sport Shop (BSS) is considered by many to be Austin's home for all things bike-related. BSS boasts a full shop, offering bikes, parts, apparel, any and every type of bike gear imaginable (and if they don't have it in stock, they're more than happy to order it for you), and a supremely knowledgeable staff. They also provide service and maintenance, and even have a rental service, making cycling accessible to Austinites and visitors alike, regardless of their level of experience or commitment.

But BSS is far from the only option when it comes to cycling gear, apparel and service. Austin is home to dozens of bike shops, many of them local independent stores. Jack and Adam's, Southside Bicycle Shop, 360 Cycleworks, Hammerhead Bikes, Freewheeling Bicycles, Ozone Bikes, and Waterloo Cycles are just a few of the many homegrown cycling havens in Austin, with more stores opening annually.

Lance Armstrong himself opened a boutique shop, Mellow Johnny's, in Austin's popular downtown district in 2008. The shop features a custom line of gear and apparel, and Armstrong's many accolades and memorabilia decorate the walls. The shop even offers showers and lockers for commuters, in an effort to promote cycling over driving, an initiative that's growing in popularity across the city.

The cycling-centric social scene can be felt throughout Austin, with bike races, charity rides and other events being held here on a regular basis. Austin is, in fact, one of only six cities in the country to host the annual Urban Assault Ride, sponsored by New Belgium Beer (a Colorado-based company), and geared toward urging commuters to forego driving in favor of jumping on a bike. In fact, each year, hundreds of Austinites, young and old alike, come out for the city-wide cycling scavenger hunt, and many of the participants sign the New Belgium pledge to drive as little as possible for one full year.

With so many cycling events and resources available, and such cycling-friendly terrain (Austin boasts some of the best, and most versatile trails in Texas; more on that in Part Two of this series), it's no wonder Austin is widely regarded as a cyclist's paradise.

Escapeso Austin is a small group of realtors in Austin Texas. They provide a map search of the Austin MLS along with general research on the Austin real estate market. They also graph recent stats on mortgage interest rates.

The residential neighborhood around Barton Springs which is now called Barton Hills is one of the earliest settlements in the Austin area, and the community was originally a small town itself. This unique neighborhood is so old that dinosaur footprints dating back millions of years have been found on the banks of the creek and springs!

More recently, shortly after the Texas Revolution in 1836, William Barton, for whom the community was named, patented the land near Barton Springs and named the springs for his three daughters. Prior to that, the Spanish had established three settlements around the springs in the early 1700s, and the creek and community were called Spring Creek at the time, which was in the Mexican state of Coahuala, but later granted to Benjamin Milam and referred to as Milam's Colony.

In 1875, passage could be bought from Austin to Barton Hills on the Steamboat Sunbeam for 50 cents round trip, and later, in the early twentieth century, the land was acquired by Andrew J. Zilker and deeded to the City of Austin as a park in 1918 and later 1931, on the condition that the city support educational programs. Robert E. Lee was also an early visitor to the area, and a well known street in the neighborhood is named for him today.

One of the earliest architects who built homes in the area was named A.D. Stenger, and his eclectic "contemporary" style, which favored low, sloping roofs and decks and balconies which extended into the treetops, was well known and he was frequently compared to Frank Lloyd Wright. In 1956, the neighborhood was named in Austin's Parade of Homes as the world's largest air-conditioned subdivision, and the neighborhood was later subdivided by S.R. Sheppard, among others, into six sections with 1585 planned lots on 535 acres of land.

In 1990, the population of Barton Hills was 6,796, and today it is over 9,000, with 8,036 residents being reported in the census of 2000, so the area is expanding rapidly as well. Today, there is an active neighborhood association, named for the neighborhood, and many schools, churches, small grocery stores and other small businesses around Barton Hills Drive.

There are also many activities and events in Zilker Park, which is the home of the Barton Springs Pool and hike and bike trails, as well as Umlauf Sculpture Gardens and the Zilker Botanical Gardens. In addition, there are and many campsites, picnic tables, and the Austin Nature Center in the park, which includes a small wild animal habitat which features animals, birds, reptiles, and other forms of wildlife native to central Texas.

The Barton Creek Hike and Bike Trail runs the length of the neighborhood, with entry points in various locations, and Campbell's Hole, a historic swimming hole which is formed from the waters of the creek and springs, is a popular spot for neighborhood children and families, as well as their dogs, since the trails are ideal for dog walking and hiking.

Barton Hills Elementary School is directly across from the greenbelt, and St. Mark's Episcopal Church, at the corner of Barton Hills Drive and Barton Skyway, is a pristine and very majestic neighborhood church which features a serene meditation walk on the grounds behind the church replete with tables, benches, and quiet, peaceful spots for prayer, worship, and meditation.

Since the neighborhood is adjacent to the Mopac Expressway, the area is easily accessible to visitors and residents alike, and with its natural beauty, many amenities, history, and gracious homes, it is one of the most popular and well-respected neighborhoods in Austin, for good reason!

Ki works as a realtor in the Austin real estate market. His site provides information on barton hills homes along with a search of the Austin MLS.

With the recent push towards local, sustainable eating, Austin residents are lucky to claim quite a few local farms. Many of these farmers bring their freshly harvested produce in to town periodically as part of one of the farmer's markets located throughout the city. Not just produce, Austin's farmers markets also feature locally made products such as cheese, tamales, breads, jams, soaps, and other handicrafts. With live music, entertainment for the kiddos, and an air of celebration, these bi-weekly events provide sustenance for the spirit as well as the body.

Austin Farmer's Market: With two locations, this aptly named market is held on Wednesdays from 4PM to 8PM, and Saturdays from 9AM to 1PM, year-round, rain or shine. A growers-only market, all of their produce and products are grown or produced within a 150 mile radius of Austin, and produce farmers make up at least 51% of their vendors. An offshoot o f the Sustainable Food Center, a local 501 (c)(3) nonprofit, the market is an important extension of their mission, to improve access to local, healthy and affordable food for children and adults in Central Texas. A unique feature of this group is their Chefs' Circle - a group of well known local chefs who periodically present cooking demonstrations at the Market. (Triangle Park, 4600 Guadalupe - 46th Street between Lamar and Guadalupe, AND Republic Square Park - 4th and Guadalupe)

Sunset Valley Farmer's Market: Claiming "The Spirit of the Farm in an Urban Setting" this weekly market is festival-like in atmosphere. With farmers, artisans, bakeries and restaurants all hawking their wares, shoppers are just as likely to get lunch as they are to get their weekly produce. Live music, face painting and inflatable slides and jumping structures make this an attractive destination for families. Held in the parking lot of the Toney Burger Center just east of Brodie off of Ben White, this weekly market is held on Saturdays from 9 to 1:00, year round, rain or shine. (3200 Jones Rd, Sunset Valley, TX, 78745)

Boggy Creek Farm: Although this market is held at, and features produce only from one of Austin's premier organic farms, it merits inclusion in this list due to its expansive offerings of things other than produce. Boggy Creek Farm provides local, organic produce to many local restaurants, and at their Wednesday and Saturday morning market, also offers local cheeses, breads, and other carefully selected products to the general public. The eggs from their free-roaming chickens go early, but the chickens remain strolling about to delight the kids, who can also take advantage of a small play area with farm-oriented toys. (3414 Lyons Road, Austin TX 78702)

South Austin Farmers Market: This small but tenacious market features local produce, and occasionally local products may be offered as well. Held on Saturdays, year round from 8AM to 1PM, they are located in the parking lot of El Gallo Restaurant on South Congress Avenue, across the street from St. Edwards University. (2910 S. Congress Ave, Austin, TX 78704)

Escapeso Realty is a small company in Austin. The provide a free search of the Austin MLS along with updated information on the Austin real estate market. Their site also provides updated mortgage interest rates for potential home buyers.

Allandale is the name of a lovely neighborhood in central Austin, although the area was originally considered to be northwest Austin, before Austin’s expansion into a large metropolitan area. Allandale recently celebrated its 35th anniversary as an active central Austin community, and the Allandale Neighborhood Association has been a presence in the neighborhood since 1973. Currently, Allandale is home to over 21,000 residents, and two of the boundaries of the neighborhood are the MoPac Expressway and Burnet Road, which form the western and eastern perimeters, respectively.

Typical residences in Allandale are three to four bedroom single family homes, most within the $250,000 to $300,000 price range, although more and less expensive housing can be found too. The students in Allendale attend Austin Independent School District schools, and there is an elementary school named Gullet Elementary, as well as a middle school named Lamar and a high school named McAllen High School. Allandale has the 28th largest neighborhood association in Austin, and there is an activity center named the Northwest Recreation Center which is ideal for indoor as well as outdoor sporting activities. The Allandale Neighborhood’s other borders are generally considered to be Anderson Lane and Hancock Drive, as well as Shoal Creek, and the neighborhood is chock full of restaurants, shopping, and various types of dwellings.

The roots of the Allandale neighborhood go back to the 1930s, and at that time, it was considered to be a suburb outside of Austin proper. George Davis was the original owner of most of the land in the neighborhood, and he obtained the land from the President of the Republic of Texas in 1841. A grant of over 3,100 acres was given to him in exchange for his service in the battle of San Jacinto, and some of his descendants still live in the neighborhood today. The Davis family also has a family cemetery on Vine Street to this day.

Housing is slightly more expensive in the neighborhood than in some areas of Austin, and the vintage homes from the 1940s and 1950s frequently boast mature landscaping with large yards, a perfect setting for families with children. There are fixer-uppers to be found in the neighborhood too, along with apartments and duplexes, among other choices. Since Shoal Creek, with its numerous parks and hike and bike trails, runs along the Allandale neighborhood, there is plenty to do from a standpoint of recreation as well.

Some of the eateries in the Allandale area include Phil's Icehouse, Ginny’s Little Longhorn Saloon, and Amy's Ice Cream, all local hotspots, as well as many popular family restaurants, including the Hang Town Grill, and the Frisco, which occupied the same location on Burnet for years until it recently closed. A popular park in the neighborhood is named Beverly Sheffield Park, and the park is adjacent to Shoal Creek, and has a beautiful duck pond as well as an Olympic sized swimming pool. The park also includes picnic sites, barbecue pits, ball fields, tennis courts, and a fishing pier, and is a home away from home for the children of the area.

Escapeso helps buyers and investors looking for Austin real estate. Their website provides a map based search of the Austin MLS and updated market statistics on their Austin real estate blog.

Austin, Texas, is known for a lot of things. It's the Live Music Capital of the World, the home of the UT Longhorns, and the capitol seat of the Lone Star State. To those who live and play here full time, it's also widely regarded as one of the most active cities in the country. From hiking and biking to swimming, boating or just soaking up the hot Texas sunshine, Austin offers residents and visitors alike a seemingly endless array of options for fun in the sun. Here are just a few to get you started:

Lady Bird Lake
Formerly called Town Lake, this man-made lake in the heart of downtown Austin is a Mecca for the city's outdoor enthusiasts. The rowing dock rents canoes, paddle boats and kayaks out by the hour, and the temperate lake waters provide a welcome respite from the mid-day heat. If boating isn't your thing, check out the Hike and Bike Trail, which circles the lake in a three-to-four mile loop (depending on the route you choose). Day and night, all year long, you'll see Austinites of all ages and fitness levels working their way around the trail--pushing baby strollers, walking their dogs, or just catching up with friends.

Zilker Park
A stone's throw from Lady Bird Lake lies one of the nation's largest inner-city parks--at 351 acres, Zilker Park is Austin's grassy playground, soccer fields, sand volleyball courts, and even a miniature train, the Zilker Zephyr. The park offers several cultural attractions as well, including the Umlauf Sculpture Garden and Museum, the Zilker Botanical Gardens, and the Austin Nature and Science Center not to mention the famous Austin City Limits music festival each September. What started as a 35-acre deed in 1918 has evolved into one of the true treasures of Austin. Regardless of the time of year, visitors to Zilker Park will likely see lively soccer, kickball and ultimate frisbee games, colorful kites flying, and drowsy folks napping under shade trees.

The Veloway
If cycling or skating is your activity of choice, The Veloway is one Austin attraction you won't want to miss. Off-limits to runners or cars, this 3.1 mile loop of paved, winding road through South Austin's hill country provides a safe haven for cyclists and skaters alike.

Barton Springs Pool
Austin boasts a wealth of lakes, rivers and swimming holes, but none is quite as beloved and well known as Barton Springs Pool. Surrounded by Zilker Park, Barton Springs Pool is a spring-fed, 900-foot oasis in the hot summer sun. The chilly, 68 degree water is a cherished refuge from the 100-plus degree heat June through September, but the pool is open year-round. In addition to man-made aspects like diving boards, Barton Springs Pool is perhaps most famous for its natural rock bottom. While entrance to the pool costs about $3 per person during the day, you can swim for free after 9:00 p.m. highlight of many Austinites' summer evenings.

Everyone knows Austin is a great place to let loose after hours and dance the night away, but locals know the city offers residents and visitors alike just as many options for daytime diversions. No matter what kind of outdoor activity strikes your fancy, Austin truly offers something for everyone.

Ki is a realtor / broker in Austin Texas. His site has a search of of the Austin MLS along with information about Austin Homes and neighborhoods. He also provides updated statistics on his blog covering Austin Texas real estate.

Labor Day weekend in Austin this year promises every imaginable kind of activity, with something for everyone, young and old, in the works. Some choices for end of summer fun locally include Texas Longhorn events, the Austin Bat Fest, and a day of yoga, among other celebrations. If you’re a sports fan, the Texas Longhorns are playing a home game the Saturday before Labor Day, and the game will be held in Darrel K. Royal Memorial Stadium, as usual. The beginning of Longhorn football season in Austin is always a day filled with excitement and anticipation, and this year is no different from any other, so get out your burnt orange and white clothing and head to the U.T. campus for a day of competition and rivalry.

Another popular event is being organized for its fourth year this year, the 4th Annual Austin Bat Fest, which will be held on and around the Ann Richards Bridge Saturday and Sunday prior to Labor Day. This event promises various activities, musical performances, a diverse choice of food and drink, and many other family-oriented arts, crafts, educational displays, and other bat-related festivities. The estimated attendance for BatFest is about 40,000 spectators and participants, so come early to see and hear thirty different musical acts perform on two different stages and watch as over 1.5 million Mexican free tail bats soar over the clear waters of Lady Bird Lake and the Austin skyline. This event partially supports the bats and their colony under the downtown bridge and admittance is just $5.00, so come out and see what all is being offered at the 150 different booths which will be set up in the festival area, on the Congress Avenue Bridge, which was recently renamed to honor former Texas Governor Ann Richards. While there, you can sample the different cuisines or enjoy shopping among the numerous offerings of stained glass, pottery, art objects, photography, jewelry, fine art, and other eclectic goods being sold at the festival. The event will remain open until midnight Saturday night and ten p.m. Sunday night, so there will be plenty of time to shop and celebrate during this event.

Another sporting event being held over the Labor Day weekend in the Austin area is the 7th annual Labor Day Cup, which is a soccer tournament for children which serves as a kind of practice for the coming season, and this event is being sponsored by Nike this year and promises fun for all. The games are being played at fields throughout the Austin area and the tournament is being organized by the Lonestar Soccer Club. In addition to the soccer tournament, a tennis tournament is also being held over Labor Day weekend in the Austin area, and those interested in participating may sign up online for both the soccer tournament and the tennis tournament, which is affiliated with the U.S. Tennis Association.

A free day of Yoga is being held again this year on Labor Day too, as it has been since 1999, and this event is the perfect opportunity to learn the different styles of yoga as well as become familiar with different teachers and studios, at an inviting price: free! The classes are being held at studios across town, and some individual studios are offering food and drinks after the classes as well, and participants are invited to stay, relax and enjoy the day.

Many water-related parties are also on tap, and one of these events is the Splash Days event which celebrates the gay community and includes an “adult swim” party with D.J.s and a dance. Some of the related activities will be held at a downtown hotel and a schedule is available online for this event too.

There are many other smaller events being held, and many celebrations on and around Lake Travis as well as Lake Austin, with cookouts being planned in local parks and other facilities. However, it is important to remember that motorized water c rafts are prohibited on some area lakes during the holiday, and the waters of Lake Travis are very low this year, so boaters are being advised to use caution when boating in area lakes at this time. There are many other choices of activities in the Austin area, and since the Labor Day weekend marks the end of the lazy days of summer and a return to school for the kids, use your time wisely and enjoy the day relaxing, celebrating, and having fun, since you won’t get another chance until next year!

Ki is a real estate broker in Austin. His maintains a site focused on Austin real estate which provides a graphical search of the Austin MLS. In addition he provides market updates on his Austin real estate blog.

Mortgage Interest Rates Widget Mortgage Rate Trends

After rising drastically last week fixed mortgage interest rates moved up slightly this week. 30 Year notes moved from 6.42 to 6.45 and 15 Year notes moved from 6.02 to 6.04. ARMS on the other hand rose a decent amount. 5 Year Arms rose from 5.89 to 5.99 while 1 Year Arms rose from 5.19 to 5.27. Below are mortgage rates for the last few weeks.

June 26,2008
30-yr 6.45 15-yr 6.04 5-yr ARM 5.99 1-yr ARM 5.27

June 19,2008
30-yr 6.42 15-yr 6.02 5-yr ARM 5.89 1-yr ARM 5.19

June 12,2008
30-yr 6.32 15-yr 5.93 5-yr ARM 5.70 1-yr ARM 5.09

June 5,2008
30-yr 6.09 15-yr 5.65 5-yr ARM 5.51 1-yr ARM 5.06

May 29,2008
30-yr 6.08 15-yr 5.66 5-yr ARM 5.62 1-yr ARM 5.22

May 22,2008
30-yr 5.98 15-yr 5.55 5-yr ARM 5.61 1-yr ARM 5.24

Using our free mortgage calculator lets run the numbers on a 200k loan based on todays rates. We also put in what the mortgage would be a week and a month ago.

June 26th
30-yr $1257.56
15-yr $1692.03
5-yr ARM $1197.81
1-yr ARM $1106.88

June 19th
30-yr $1253.6
15-yr $1689.87
5-yr ARM $1184.99
1-yr ARM $1096.98

May 29th
30-yr $1209.4
15-yr $1651.19
5-yr ARM $1150.68
1-yr ARM $1100.69

So looking at the numbers above one would have saved almost $50 by getting a 30 Year loan a month ago compared to today. In contrast a mortgage on a 1 Year Arm has remained relatively constant. Why Banks would want to promote 1 Year Arms is anyones guess. Based on the other recent decisions by banks it would not be a bad assumption to assume banks have no idea what they are doing this point.

At this point getting a 5 Year Loan doesnt really seem worth it compared to getting a 30 Year loan since the cost savings is not that high (5%). On the other hand if you plan on keeping the property for a short period of time a 1 Year loan seems attractive considering the cost savings(12%).

Ki lives in Austin. His website has information on Austin real estate along with search of the Austin MLS and market stats on his Austin real estate blog.

Every year, Austin is descended upon by thousands of music, film, and web industry professionals, artists, and fans, all attending the annual South by Southwest Festival. Although it started as a local music festival, as it now enters its third decade, SXSW has become one of the premier industry conferences, and has gained a reputation for launching the careers of the artists involved.

SXSW is comprised of three components – music, film and interactive, but this being Austin, the music events are among the most popular, and it has become one of the most famous music festivals in the world. Dozens of local clubs are enlisted to become dedicated SXSW venues, and local residents can participate by volunteering for tours of duty at the different venues, or at the conference. Besides the talent and the local volunteers, the attendees at the music event number over 12,000 registrants. With this many people visiting downtown Austin, SXSW always heralds an exciting, vibrant time for our fair city, and locals often find themselves dining alongside people from New York, London, Tokyo and Australia – all at once.

Over the last two decades, the number of musical acts featured at the festival has grown to over 1,400, all playing during the four days of the music festival. Although impossible to see even a fraction of the offerings, many of shows are grouped with themes, featuring acts from a country such as Norway, or Japan, or featuring acts that share a label or genre. Headline acts including Morrissey, Pete Townshend, Iggy Pop, and Amy Winehouse are featured alongside up-and-comers including UGK, Blonde Redhead and The Gossip. Local acts must pass muster, but SXSW stays true to its roots by featuring a great number of the best Austin has to offer.

Austin’s burgeoning film industry gets its fair share of attention at the film festival, which features panels, screenings and discussions. Focusing on independent offerings including documentaries, animation, fictional drama and comedy, the film festival hosts many world premieres. The interactive festival shows Austin at its cutting edge finest, featuring top new media and technology entrepreneurs alongside visionary artists, designers and digital creators.

One aspect of the week is the number of free, renegade concerts that take place. No need for a wristband, and often advertised only in fanzines and through word-of-mouth, many of the artists participate in these under-the-radar shows to give back to the community that helped launch them. After all, Austin is the live music capital of the world all year round, not just for SXSW!

Whether you are a local, visitor, musician, auteur or fan, SXSW week is always an exciting one in Austin. Restaurants are jumping, stores are hopping, and music can be heard throughout the city.

Ki helps people looking for Austin real estate and land. His site allows users to search the Austin MLS and provides information on current mortgage interest rates.

Mortgage Interest Rates Historical Mortgage Rates

After several weeks of staying relatively flat mortgage interest rates jumped up this week. 30 Year mortgage went from 6.09 to 6.32. 15 Year Mortgage moved from 5.65 to 5.93. 5 Year rates went from 5.51 to 5.70. The only rate that was somewhat stable was 1 Year Arms which went up from 5.06 to 5.09. Two weeks ago we predicted that rates would increase over the summer and they seem to be doing exactly that.

June 12,2008
30-yr 6.32 15-yr 5.93 5-yr ARM 5.70 1-yr ARM 5.09

June 5,2008
30-yr 6.09 15-yr 5.65 5-yr ARM 5.51 1-yr ARM 5.06

May 29,2008
30-yr 6.08 15-yr 5.66 5-yr ARM 5.62 1-yr ARM 5.22

May 22,2008
30-yr 5.98 15-yr 5.55 5-yr ARM 5.61 1-yr ARM 5.24

May 15, 2008
30-yr 6.01 15-yr 5.60 5-yr ARM 5.57 1-yr ARM 5.18

May 8, 2008
30-yr 6.05 15-yr 5.60 5-yr ARM 5.67 1-yr ARM 5.29

Using out free mortgage calculator lets see what the rate increase mean for the payments on a 200k mortgage. We calculated out the mortgage payments based on today's mortgage interest rates and rates a week and a month ago.

June 12th
30-yr $1240.55
15-yr $1680.15
5-yr ARM $1160.80
1-yr ARM $1084.67

June 5th
30-yr $1210.69
15-yr $1650.11
5-yr ARM $1136.83
1-yr ARM $1080.98

May 8th, 2008
30-yr $1205.53
15-yr $1644.79
5-yr ARM $1157.00
1-yr ARM $1109.36

So for a 30 Year Mortgage on a 200k loan the mortgage payment went up about $30 or about 2.5 percent. The mortgage on a 15 Year mortgage also went up about $30. What is weird is rates on 1 Year ARMs stayed about the same and are actually down from a month ago. This makes no sense. Banks are dealing with foreclosures that are mostly coming from borrowers that got 5 and 1 Year ARMs. Basically when the ARMs reset borrowers are frequently unable to make the higher payments and wide up facing foreclosure. One would think banks would be discouraging these high risk loans. I would like to think the banks know something I don't. But looking at their foolish behavior over the last few years (giving loans to everyone that walked in the door from 2004-2006) its a distinct possibility they are just plain foolish. So again this week 1 Year ARMs look attractive. Just remember in a year your rate and mortgage could be higher so it would be wise to have some cash on the side to pay a potentially higher mortgage. And I would expect rates to be higher one year from today.

So what would I expect to happen over the rest of the summer. First off I don't see rates going down. The FED has given numerous signals they don't plan to lower rates. Will rates continue to go up? I am not sure. I expected rates to creep up over the next month instead of jumping up this month. So I hope rates stay relatively flat but they could go higher over the next month.

Escapeso Realty operates in the Austin real estate market. They work with investors interested in Austin commercial real estate and provide a search of the Austin MLS on their website.

As the Austin Texas real estate market expands in all directions, areas we used to think of as “way out there” are not only seeming closer, but are getting their own infrastructure. Maple Run in Southwest Austin is just one of those areas. Located south of William Cannon, north of Slaughter, west of Brodie and east of Mopac, this little oasis offers quiet streets, attractive and affordable housing, burgeoning businesses and is a hop, skip and a jump to one of the city’s cleanest, newest and nicest parks.

Each street in the area seems to have its own personality. The Deer Park subdivision is full of brick homes, with meticulously manicured gardens and lawns. These folks do a magnificent job with holidays – their Christmas lights are worth a trip, and Halloween is always scary! A few blocks down, you will find a more relaxed atmosphere, maintained just as nicely, but with a more casual feel. The busiest street is Copano, which is not busy at all! The houses in this area can run the gamut from a 3,000 square foot two story brick home with a pool to a 1200 sq. foot one level 2 br/ 2 bath with a nice yard. Many of these homes back to a greenbelt – nice and quiet.

Brodie Lane, one of the main north-south thoroughfares of the area, is full of convenient businesses closer to Ben White, but as you follow the street south of William Cannon heading down to Slaughter you find new business popping up almost every day. Take the intersection of Alexandria and Brodie – you have the best Cajun food and live music in town, an Austin Regional Clinic, Love Pet Hospital, Shipley’s Donuts, a florist, nail salons, a JiffyLube, and more! Just up the road is a Montessori school, just down the road is the Kid’s Zone preschool and daycare. Austin Telco and Advance Auto just came to the area, although the property adjoining them still has cattle on it – a truly Austin juxtaposition.

Families will love the Longview playground and park located at the eastern end of Harper’s Ferry. Swings and a play structure perfect for toddlers on up to school age are in great condition, and there are lots of trees for shade. A big field is perfect for kicking the ball or throwing the Frisbee, and there is a basketball court right up the hill. If you are looking for a little more, just head over to Dick Nichols – just west of Mopac off Davis. The toddler structure here is brand new, and the bigger kids one is in great repair. Picnic tables, a fountain for splash play, volleyball courts (or the world’s largest sandbox, depending on your age), tennis courts and a hike/bike trail can all be found here. Their pool is one of the best, with separate shallow and deep ends, plus a toddler wading pool – all crystal clear and in excellent condition.

It might seem “way out west,” but Southwest Austin is only 15 minutes to downtown, and the bang for your housing buck make it well worth considering.

Escapeso Realty helps buyers looking for properties in the Austin Texas real estate market. Their site allows potential to home buyers to search the Austin MLS and read about the latest market updates on their blog about Austin real estate along with info on mortgage interest rates

Travis Heights is a centrally located neighborhood in one of Austin’s most esteemed zip codes, 78704. The neighborhood’s proximity to downtown and Lady Bird Lake makes it a desirable place to live, and the new Emma Long Center for the Performing Arts is just a couple of blocks north of the area, right across Barton Springs Road. Auditorium Shores, a lovely outdoor amphitheater which hosts festivals and concerts is adjacent to the Long Center, and is also a short walk from the Travis Heights neighborhood. Easy access to the Lady Bird Lake hike and bike trails as well as access to the Zilker greenbelt is also advantageous for residents of the area. The neighborhood dates to the turn of the century, with dramatic growth during the 1920s and 1030s, and many historic homes from the period are still standing. One of the neighborhood’s most influential and well-known residents was John Henry Faulk, and his boyhood home was on the spot where Green Pastures, a beautiful, historic restaurant with gorgeous foliage and grounds is currently situated. Another well known previous resident, Charles Whitman, also grew up in the Travis Heights neighborhood, and went on to infamy as the Tower sniper in the 1960s. The neighborhood boundaries are generally considered to be South Lamar, South Congress, West Oltorf, and Barton Springs Road, in the heart of south-central Austin. The largest institutional development in the neighborhood is the Texas School for the Deaf, which encompasses 65 acres of land and was established in 1856, and is surrounded by South Congress, South First, Barton Springs Road and Elizabeth Street.

Due to the Colorado River’s frequent floods prior to the construction of dams which help control the river waters, the land was very inexpensive, thus a very diverse group of citizens populated the area, and many churches cater to a specific ethnic group, such as the St. Anne African Methodist-Episcopal Church and the nearby Goodwill Baptist Church, both of which are on Newton Street. A small group of Hispanic families settled in the neighborhood around 1940, when the San Jose Catholic Church was founded at the corner of Mary Street and South Third Street. The stone mission-style church is currently called Holy Name Of Mary Orthodox Church, and the Church still has a flourishing parish, many of whom are descendants of the original settlers.

Since the recent development of the SOCO and SOLA entertainment and shopping districts, which are respectively on South Congress and South Lamar, the residents of the neighborhood have even more access to restaurants, vintage shops, nightclubs, coffee shops, and antique dealers. Some of Austin’s most well-known institutions are still located on South Congress, such as the headquarters of the local newspaper, the American-Statesman, and a few boot and saddle shops, such as Allen Boots, which has been in the area for years and years.

There a quite a few very eclectic shops, such as Lucy in Disguise in Diamonds, a costume shop, and Bohemia, a great vintage store, as well as the St. Vincent DePaul resale shop, which is run by Catholic charities and has a little bit of everything.

There are many churches and schools, coffeehouses, and nightclubs nearby, and the restaurant row area of Barton Springs Road is just a half mile or so east, and includes such well-known eateries as Shady Grove, Romeo’s, Green Mesquite, Chuy’s, and Austin Java. Patrons can enjoy frozen custard at Sandy’s, an Austin landmark, or Italian food at Vinny’s, both of which are even closer to the neighborhood, on the east side of Lamar on Barton Springs and in easy walking distance for most residents.

Even downtown itself is a short walk across the sidewalks or pedestrian bridges at both Congress and South First Street, which continues from Guadalupe Street across the river, and the whole neighborhood is also accessible by city transportation such as the Cap Metro busses and the ‘Dillos, which are free. The Travis Heights neighborhood is one of your best bets in the Austin area for the quality of life it offers both visitors and residents.

Ki works as a realtor in the Austin real estate market. Vistors to his website can use it to search the Austin MLS. Ki also provides regular market updates on his Austin real estate blog.

Mortgage Interest Rates Mortgage Rate Trends

Rates on 15 and 30 Year Fixed loans were pretty much stable this week. Rates on 5 and 1 year ARMs both fell. With 1 Year ARMs falling from 5.22 to 5.06. This is the lowest 1 Year Arms have been since early March. Its a little wierd considering banks are losing a lot of money on ARMs from people going into foreclosure when their ARMs reset. So one would think that banks would be discouraging people from getting 5 and 1 year ARMs. But instead with a full point difference between 30 Year Fixed and One Year Arms they are doing exactly the opposite.

June 5,2008
30-yr 6.09 15-yr 5.65 5-yr ARM 5.51 1-yr ARM 5.06

May 29,2008
30-yr 6.08 15-yr 5.66 5-yr ARM 5.62 1-yr ARM 5.22

May 22,2008
30-yr 5.98 15-yr 5.55 5-yr ARM 5.61 1-yr ARM 5.24

May 15, 2008
30-yr 6.01 15-yr 5.60 5-yr ARM 5.57 1-yr ARM 5.18

May 8, 2008
30-yr 6.05 15-yr 5.60 5-yr ARM 5.67 1-yr ARM 5.29

May 1, 2008
30-yr 6.06 15-yr 5.59 5-yr ARM 5.73 1-yr ARM 5.29

Using our mortgage calculator lets run some numbers and look at what the rates would translate into today and a month ago.

June 5th
30-yr $1210.69
15-yr $1650.11
5-yr ARM $1136.83
1-yr ARM $1080.98

May 8th, 2008
30-yr $1205.53
15-yr $1711.46
5-yr ARM $1157
1-yr ARM $1109.36

A few weeks ago I wrote about how it made sense to get a 30 Year Fixed over a 5 Year ARM because there was not a big difference in the monthly mortgage payment you would be facing . As of today that is no longer true. On a 200k loan there is a $73.86 difference in the monthly mortgage payment between a 30 Year Fixed and a 5 Year ARM. I still don't like ARM's because your mortgage payment can reset when you are not ready for it. For instance I have heard stories of people losing their jobs a week before their mortgage interest rates resets to a higher number. But with the large difference in today's rates makes it hard to ignore the cost savings one would get with a 5 Year ARM. If you consider getting an ARM I would advise saving the difference of $73.86 a month and setting that aside for when the ARM resets. If you sell before your ARM resets you can just consider that savings a bonus.

Escapeso Realty is a small independent brokerage covering Austin Texas real estate. They have a graphical Austin MLS search and a blog with market updates on Austin real estate.

Just east of IH-35, in the center of Austin, lies an area that is becoming a popular destination for Austinites looking for a central location that doesn’t come with the price tag one would pay in other centrally located areas. They also don’t lose any of the historic charm or lack of small local businesses within walking distance by moving to East Central Austin.

There are several small central east side neighborhoods, such as Blackshear and East Cesar Chavez, but the Cherrywood area is quickly becoming a new favorite; its subdivision known as French Place is being referred to as the new Hyde Park. Lying between 35 and Airport boulevard, north of Manor and south of 38th ½ Street, French Place was originally owned by the Giles family in the 1940s. It is filled with one story single family homes and some multi family duplexes, located on wide, tree-lined streets. The majority of the single family dwellings hover around the 1,000 square foot mark, and have been well maintained throughout the decades. The area has a wide variety of homeowners of different ethnicities and professions, as well as many students due to its close proximity to Concordia University and UT. Each December, the Cherrywood Art Fair is held, showcasing pieces from the area’s artists, accompanied by all day music and activities for the kids.

Central East Austin is home to several historic sites. The French Legation Museum is touted as being Austin’s oldest structure still on its original site at 802 San Marcos Street. The home was originally built in 1840 for a French representative sent by King Louis Philippe of France to determine if the Republic of Texas should be considered its own country. In 1848, the French Legation became the home of Dr. and Mrs. Joseph Robertson, and it remained in their family until 1949, when it was taken over by the state of Texas.

There are two historic cemeteries in Central East Austin. The Texas State Cemetery was established in 1851, and is the final resting place for many of Texas’ state officials, dating back to the Republic of Texas days as well. Famous Texans such as Stephen F. Austin and Lieutenant Governor Bob Bullock are buried here. The Oakwood cemetery is located just north of the Texas State Cemetery, and was established in the mid 1850s, and legend has it the first bodies laid to rest were victims of a Comanche Indian attack. Different sections of the cemetery are dedicated to Austin’s black, Latino, and Jewish populations.

There’s plenty of entertainment and local eatery options for those in the Central East Austin area. Live music can still be found at the historic Victory Grill, established in 1945, and was part of the original “chitlin circuit”. Across the street from the Victory Grill on East 11th street is the Longbranch Inn, a nice little bar that became so popular the owners had to buy another place on East 4th, the Scoot Inn, to make room for the crowds and live music acts. Hoovers restaurant, run by Night Hawk alum Hoover Alexander, is a great mix of BBQ, Cajun, Tex Mex and soul food. Down Manor road lies El Chile, opened by ex Jeffrey’s employee Carlos Rivero, and serves top-notch interior Mexican food and Tex Mex, with their to-go eatery El Chilito down the road. Joe’s Bakery and Coffee Shop on East 7th Street has been in business since 1963, serving up Mexican and baked goods from family recipes for over 40 years.

Moving to East Central Austin could snag a house hunter a nice home at a fair price, but even those not in the market for a house can spend some time taking in the history and a great meal or two.

Escapeso Realty operates as a small company in the Austin real estate market. Their site has a free mortgage calculator along with a free graphical search of the Austin MLS.

In recent months, the US real estate market has seen its fair share of turbulent weather as house prices continue to fall. While the Federal Reserve has taken significant steps towards making lending cheaper, interest rates remain artificially high as the troubled financial sector continues record write-downs. So far, only a quarter of the IMF-estimated $1 trillion in sub-prime losses have been reported, which means mortgages won't be affordable for a long while, even if homes continue to decline in value. According to the Case Schiller house price index, which covers 20 major metropolitan areas, house prices are depressing at an annual rate of 12.7%, though its rate of descent is accelerating. As long as homeowners continue to lose equity, loans will become increasingly difficult to obtain.

As this feedback loop works itself out, a regionally dependent phenomenon has begun to emerge. Although home prices averagely dropped in the US the story doesn't end there. Despite lowered economic growth forecasts and commodity-related inflationary pressures, (which are felt much more diffusely throughout the economy) several metropolitan areas have remained more robust, which explains dissenting votes on the past two rate cuts by the regional Fed chairs from Dallas and Philadelphia, respectively. Part of their reasoning is based on working against what they view as a misconception about the scope of the Fed's powers among many investors; namely, that the central bank is the only agent responsible for assisting challenged markets. Political jockeying has and will continue to play a role in their decisions, especially in the charged climate of an election year, but their dissenting votes represent the resilience of many areas of the US that continue to experience growth. From Charlottesville, North Carolina to Austin, Texas, many metropolitan areas continue to develop quickly, seemingly insulated from much of the speculation and predatory lending that has defined tracts of the US. While some of the worst affected markets in the Southwest like Phoenix, Arizona and Las Vegas will take considerable time to rebound, some price correction was inevitable. This is partially due to property value spirals in recent years, without corresponding increases in infrastructure and demand. In markets where growth had already been steady, home prices have been relatively stable.

If the federal government steps in further to freeze or help re-negotiate more of the estimated two million sub-prime mortgages projected to default over the course of 2008, prices may stabilize more quickly. Politicians, closing ranks in a show of solidarity, will likely be reluctant to make bipartisan efforts a priority while the presidential race remains in the limelight, which makes investment in the near and medium term likely to be more profitable, both in markets where prices have overcorrected and in stable markets. This is because any government-based mortgage interest rates freeze may be less favorable than current rates, which are firmly negative. Moreover, refinancing remains available should climates change. In any case, the worst may not be over for a lot of America, but some places have weathered the past eight months relatively unscathed.

Escapesomewhere Real Estate is a small brokerage working in the Austin real estate market. They host a free search of the Austin MLS along with providing updated commentary on their Austin real estate blog.

The stats for the Austin market are out. So what is going on. Basically the same thing as we have been seeing for several months. The Austin market is doing worse than last year. Basically it slowed down in September when the subprime issues surfaced. But the Austin market is doing much better than markets like California and Florida which saw rapid appreciation over the last few years.

Here are the different submarkets in the Austin real estate market



The first thing that jumps out is Lakeway is doing really really bad. Central Austin West is doing better than the Austin market in general and East Austin is still doing pretty poorly.

Here is a breakdown of the central Austin MLS areas

Ki is a realtor in the Austin real estate market. His site provides a free mortgage calculator and information on mortgage interest rates.