interest rates
from bankrate.com - national interest rate news - 02/04/12
Mortgage rates were mixed last week.
The average benchmark 30-year fixed-rate mortgage was down 3 basis points to 3.85 percent, with some lenders reporting rates as low as 3.78%, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point.
The mortgages in this week's survey had an average total of 0.44 discount and origination points. One year ago, the mortgage index was 5.97% ; four weeks ago, it was 4.75%.
The benchmark 15-year fixed-rate mortgage declined by 2 basis points to 3.18%, while the popular 5/1 adjustable-rate mortgage was down 2 basis points to 2.85%.
The Federal Housing Administration announced changes that went into effect September 30th.
Under the new rules, the FHA loan limit in high cost areas was reduced from $729,000 to $625,000.
In addition, FHA has set a minimum FICO score of 500 for homebuyers, and borrowers with scores of less than 580 will have to put down 10%, instead of 3.5%.
Remember, Fannie Mae now requires lenders to check borrowers' credit reports just before closing. If the borrower took on any new credit obligation(s), the lender will have to recalculate the borrower's debt-to-income ratios.
these rates are national averages
compiled each day by bankrate.com
see
the virginia rates link above
for our current local rates
