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Virginia Mortgage Rates: Mortgage Rates Still Low for Virginia Borrowers

By: Rosemary Rugnetta | January 24th, 2011

January 24, 2011 (FreeRateUpdate.com) – With slight adjustments up or down, mortgage loan rates continue to remain low for Virginia borrowers who have good credit and meet lender guidelines.

Today’s Virginia 30 year fixed rate mortgages remain at 4.625%. Virginia 15 year fixed rate mortgages saw a decrease today of .125% and are at 3.875% while Virginia 5/1 adjustable rate mortgages are at 3.125%. These are the low Virginia mortgage rates available with 0.7 to 1% origination fee.

Virginia FHA mortgage loans continue to have very competitive mortgage rates to conforming mortgage loans. Today’s Virginia FHA 30 year fixed rate mortgage loans are at 4.500% and 4.000% for Virginia FHA 15 year fixed rate mortgage loans. Virginia 5/1 adjustable rate mortgages increased today by .125% and are at 3.125%. FHA mortgage loans have become very popular during the past few years even though FHA closing costs (APR) are higher due to applicable FHA fees and the upfront mortgage insurance premium charged to borrowers.
Virginia Mortgage Rates: Mortgage Rates Still Low for Virginia Borrowers
Virginia jumbo mortgage loans are those loans in excess of the conforming loan limit which is $417,000 across most of the country and $729,250 in higher cost areas. Today’s Virginia 30 year fixed jumbo mortgage loans are at 5.125% and 4.750% for Virginia 15 year fixed jumbo mortgage loans. Virginia 5/1 ARM adjustable rate mortgages are at 3.875%. For Virginia high end borrowers, these are the low jumbo mortgage rates available with 0.7 to 1% origination fee.

MBS prices (mortgage backed securities) started the day up +1/32 and are now down -5/32. Mortgage rates are driven by MBS prices and move in the opposite direction. With no economic data being released today, the markets are volatile as investors are moving money to the stock market which saw an increase today.

Virginia continues to have a low unemployment rate as compared to other areas around the country. Virginia residents also continue to have some of the low mortgage rates available to them for home purchases and refinancing.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard .07 to 1 point origination.

Virginia Mortgage Rates


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