Interest rates

The Fed decided to raise their rate by .75% this week in order to combat inflation.  Although this was built into our markets, and expected, the government bond rates jumped to a level not seen for many years.  As a result, we are seeing the highest mortgage rates in over 10 years.  Many experts do think that this is temporary and we will start seeing some stabilization in the markets late this year and into next year which will hopefully result in lower interest rates.

30 Year Fixed FHA

6.250% (7.318% APR)

Lender credit towards closing costs $314

$500,000 Purchase Price

$490,943 Loan Amount

3.5% Down Payment $17,500

720+ credit scores, single family primary home purchase, 45 day lock period

30 Year Fixed VA

6.250% (6.521% APR)

Discount fee to the bank of $439

$500,000 Purchase Price

$511,500 Loan Amount with financed VA funding fee

First time VA use

Zero down payment, 720+ credit scores, single family primary home purchase, 45 day lock period

30 Year Fixed Conventional

6.625% (6.929% APR)

Lender credit towards closing costs $494

$500,000 Purchase Price

$475,000 Loan Amount

5% Down Payment $25,000

760+ credit score, single family primary home purchase, 45 day lock

30 Year Fixed FHA

6.250% (7.318% APR)

Lender credit towards closing costs $314

$500,000 Purchase Price

$490,943 Loan Amount

3.5% Down Payment $17,500

720+ credit scores, single family primary home purchase, 45 day lock period

30 Year Fixed VA

6.250% (6.521% APR)

Discount fee to the bank of $439

$500,000 Purchase Price

$511,500 Loan Amount with financed VA funding fee

First time VA use

Zero down payment, 720+ credit scores, single family primary home purchase, 45 day lock period

30 Year Fixed Conventional

6.625% (6.929% APR)

Lender credit towards closing costs $494

$500,000 Purchase Price

$475,000 Loan Amount

5% Down Payment $25,000

760+ credit score, single family primary home purchase, 45 day lock