Mortgage Rates Moving Up

Mortgage rates moved up this week for no easily discernible reason.  After fluctuating wildly, the rates ended higher than we have seen them in months.

This jump is a good reminder that rates can move at anytime and with the current economy that move is going to be UP.

  • FHA/VA below $417k and below – 5.5 % with 0 points. 
  • FHA/VA above $417k to $729,750 for FHA and $812k for VA – 5.5% with 1 point.
  • Conventional conforming $417k and below – 5.625% with 1 points.
  • Conforming plus from $417k to $625,500 – 5.25% with 1 point.

For my full report, click here.

Thanks to Rob Clark at Preferred Mortgage for this timely update.  Think about how today’s rates and the first time buyers credit fit in with your home buying plans and then give me a call at 703.927.4554.

Michael