Interest rates are stable and under 5%

Mortgage rates inched up slightly this week, but Freddie Mac’s weekly survey of mortgage lenders showed the average 30 year fixed rate mortgage is still holding below 5.0%.

Many buyers in the Richmond area have benefited from the temporary $535,900 conforming and FHA loan limit – allowing them to put as little as 3.5% down on a $550,000 home — at a fixed rate below 5.0%! New lower permanent loan limits take effect October 1. Buyers seeking loan amounts over $417,000 (with out without 20% to put down) should make plans now to close by September 30th to avoid higher jumbo rates — and perhaps more importantly stricter qualifying requirements.

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.

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