Rates dip first time in 4 weeks

Freddie Mac reported Thursday that mortgage rates dipped for the first time in a month. Their weekly survey of lenders showed the average 30 year rate was down to 4.8% — from 4.91% a week. 15 year rates averaged 4.02%.

Investors have one more week to take advantage of our special rates, which are set to expire May 3. We are offering .125-.25% off rates on both conventional loans and buyers purchasing rental properties with the Homepath financing program. Homepath is available for Fannie Mae foreclosures and allows investors to purchase properties with as little as 10% down and no mortgage insurance.

Our jumbo rate special is still going on as well. See below for details.

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% ( 4.875% for investment properties with 25% down!)

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

FHA/VA 30 year fixed: 4.625%

Jumbo 30 year fixed:5.0%

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
804-484-3388
http://www.WesAtiyeh.com