The Federal Reserve sought to calm markets


Mortgage rates fell this week as stocks took a roller coaster ride, surging and falling hundreds of points throughout the week. The Federal Reserve sought to calm markets and indicated it will keep short term rates unchanged through mid-2013. Freddie Mac reported the 30 year mortgage rate averaged 4.32% , the lowest point of the year  and the 15 year averaged  an all time low of 3.5%.

In other mortgage related news, buyers and those thinking of refinancing should keep in mind Congress has not extended the temporary loan limits enacted in 2008. In the Richmond area, this provides much more favorable rates and qualifying criteria for loans between $417,000 and $535,900. These limits are set to expire on September 30th – which means buyers should lock in now in order to close before the expiration date.

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

Conf 30 year fixed to $417,000: 4.125%
Conf 15 year fixed: 3.25%
Conf 30 year fixed ($417,000-$535,900):  4.25%
FHA 30 year fixed: 4.125%
FHA 5/1 ARM: 3.25%
Jumbo 30 year fixed ($528,750+):   4.625%

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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