Allow me to qualify my statement.
Rates went up, but they are still really good. I mean 4% is still free money; however for the highly qualified there are still some amazing options and ways to keep your rate in the low 3s!
One product remains that is offering really low interest rates for highly qualified buyers. Refinancing or purchasing a home, you can still get well in the low 3s if you meet the tough criteria. Additionally, if you don't have the full 20% equity, these loans can be structured with no PMI.
With that said, let's not sugar coat it. The investor purchasing these mortgages are looking for the cream of the crop, the low risk borrower and overall just the highest quality transaction. The process is like pulling teeth as well with high credit score requirements and lots of documentation to provide. You also have to prove you have a significant amount of reserves, i.e. money in the bank or savings.
It's not for the feint of heart, but at the end of the day, if you fit the small qualifying box and put up with the process, you will be sitting pretty with a fantastic low rate.
p.s. FHA and VA loan rates are still hovering in the mid 3s for 30 Year Fixed money.