Rates are still low – below 4%

Mortgage giant Freddie Mac reported that the average rate for a 30 year fixed rate loan fell to 3.87% this week amid positive economic news. The unemployment rate hit it’s lowest level in three years and the Dow broke through to its highest close since May 2008. Refinance applications have surged on the lower rates, although some homeowners are waiting to see if rates will go lower. Most economists predict that with the economy improving, the odds are better that rates will tick a bit higher in the coming months..

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: 3.875%
Conf 15 year fixed: 3.125%
Conf 30 year fixed ($417,000-$535,900): 3.875%
FHA 30 year fixed: 3.75%
FHA 5/1 ARM: 2.75%
Jumbo 30 year fixed ($528,750+): 4.0%

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.
Emily Scarborough
Home Mortgage Consultant
Prosperity Mortgage Company
MAC M8615-011
5702 Grove Ave
Richmond, VA 23226
804-285-4216 Tel
804-281-7846 Fax
1-888-664-7683 Toll Free

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