Still a great time to buy a home in Richmond, VA

Mortgage rates were nearly unchanged this week despite reports by the media that other loans are drying up for consumers and business owners.  President Bush signed into law the financial services rescue plan, and the Treasury is expected to begin purchasing distressed assets quickly, but it may take a few weeks for any impact to be felt. 

In other related news, Wells Fargo and Wachovia announced a merger, upending Citigroup’s government aided takeover. Freddie Mac reported that the average 30-year fixed rate rose to 6.10% from 6.09% last week, compared to 6.37% a year ago.  

Here are our weekend rates: 

Conv 30 year fixed to $417,000: 5.875%

FHA 30 year fixed: 6.0%: (***5% for the 1st year through October 31***)  

Conv 30 year fixed between $417,000- $528,000: 5.875% (*** 4.875% for the 1st year with 20% down thru October 31***)

***Jumbo 30 year fixed with Wells Fargo Relationship ($528,750+)***: 6.5%

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