Last weekend rates for March

Mortgage rates were back on the rise this week, moving in tandem with stocks. Freddie Mac’s weekly survey of mortgage lenders showed the 30 year fixed rate mortgage averaged 4.81% this week. Many potential buyers hear in the news that they need 20% to put down on a house to qualify for a loan, but this is not the case. In the Richmond area, FHA currently insures loans up to $535,900 and only requires 3.5% down. A couple earning no more than $70,000 annually can still take advantage of VHDA, which offers no money down financing to eligible first-time buyers.

Remember, Prosperity is waiving the origination fee for buyers of investment properties who lock in by May 1. An investor buying a $200,000 home with 25% down today can lock in for 30 years at 5.0%.

Here are our 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): 4.875%

FHA 30 year fixed: 4.625%

FHA 5/1 ARM:3.5%

Jumbo 30 year fixed:5.25%

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

Thanks,