Mortgage Rates stay steady. Sales of homes in Richmond are the same.

30 year fixed mortgage rates held steady in the 4.5% range, while the average interest on 15-year fixed loans hit its lowest level of 2011, declining to 3.65% from 3.75% percent last week. In other housing related news, Mortgage Bankers Association President and CEO David Stevens acknowledges the need for more accountability and transparency in the industry, but he warns that proposed risk-retention rules for home loans will hurt homeownership. In American Banker, he writes that “overly restrictive” requirements for qualified residential mortgages — specifically, those governing down payments and debt-to-income ratios — will hike homeownership costs and make it tough, if not impossible, for many populations to buy.

Here are current rates for purchase loans on single-family homes greater than $150,000 with 20% down and 740+ credit scores :

Conf 30 year fixed to $417,000: 4.375%

Conf 30 year fixed ($417,000-$535,900):  4.5%

FHA 30 year fixed: 4.25%

FHA 5/1 ARM: 3.25%

Jumbo 30 year fixed ($528,750+):  4.875%

All rates reflect 1 origination, 0 discount points. Please note rates do vary by credit score, loan amount,  rate lock period, occupancy and loan to value.

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