Mortgage rates UP for end of October

Freddie Mac reported that mortgage rates rose for the
second straight week, with the 30 year fixed rate loan averaging 4.2 3%, up from 4.
21% last week. The
Mortgage Bankers Association forecasts fixed mortgage rates will average 4.4% in the fourth quarter of 2010, increase to 5.1% by the end of 2011 and reach 5.7% in 2012. A homeowner with a $250,000 loan at 5.7% will pay ~$2,300 more in interest annually than a homeowner with the same loan at 4.23%.Here are our weekend rates for buyers with 740+ credit scores:
Conv 30 year fixed ($125,000-$417,000): 4.0%
Conv 30 year fixed: ($417,000-$535,900): 4.125%
FHA 30 year fixed: 4.125%
FHA 5/1 ARM: 2.625%
Jumbo 30 year fixed: 4.75%

Please note all rates reflect a 1% origination fee. Rates do vary by loan amount, credit scare, occupancy, and loan-to-value.

Wes Atiyeh
Associate Broker
Long and Foster

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