Wouldn’t it be nice if gas prices were this low! In comparison

Mortgage rates
dipped this week with Freddie Mac reporting the average 30 year mortgage fell to 4.76 %. In other housing related news, Congress extended the Making Home Affordable Refinance Program through 2012. This program was designed to allow homeowners who may or may not be underwater to refinance with no appraisal requirements and little documentation. The program applies to primary residences, investment properties and second home.‬ ‪ ‬
Prosperity is offering special rates for investors through the beginning of May. An investor buying a $200,000 home with 20% down today can lock in for 30 years at 5.125%.

Here are your current rates for purchase loans above $150,000 for buyers with 740+ credit scores and 30 day rate locks:
30 year fixed ($150,000-$417,000): 4.75%

30 year fixed ($417,000-$535,900): 4.75%

FHA 30 year fixed: 4.5%

FHA 5/1 ARM:3.5%

Jumbo 30 year fixed:5.375%

All rates reflect a 1% origination fee. Please note rates do vary by occupancy, credit score, rate lock period, and loan-to-value.

Wes Atiyeh
Associate Broker
Long and Foster

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