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Buying a Home in South Riding Virginia- Mortgage Rates Update 12/4/08

By Donny & Meredith Samson

Real Estate Agent with Samson Properties

December 04, 2008 03:01 AM

Rates are at 2008 Low's!!!!!

Hi All,

Now is the time. Rates have dropped across the board to 2008 lows. Look below and see what this means.

This means you could go from a $570K loan to a $630K loan with the same payment. Now that's buying power!

Mortgage Interest Rates*

Rates as of Saturday, 29th November, 2008:

	Conforming	APR	Payment per $1,000	Jumbo	APR	Payment per $1,000
30 Year Fixed	5.5%	5.658%	$5.68	5.75%	5.933%	$5.84
30/10 Year Interest Only	5.75%	5.910%	$4.79	6.25%	6.438%	$5.21
5/1 Libor Arm	6.000%	6.163%	$6.00	6.250%	6.438%	$6.16
5/1 Libor Arm IO	6.125%	6.289%	$5.10	6.750%	6.944%	$5.63
FHA below $362K 30 yr fixed	5.5%	5.658%	$5.68	%	0.000%	$0.00
FHA above $362K 30 yr fixed	5.5%	5.658%	$5.68	%	0.000%	$0.00

*Rates are subject to change due to market fluctuations and borrower's eligibility.

All "Non-FHA" rates based on 20% down paying one total point. Borrower must qualify. Seller may pay points and closing costs, not exceed 3% of purchase price. FHA financing with as little as 3% down. Loan amounts to $729,750. Buyer may get a gift for the down payment and seller may pay additional 6% towards closing costs. Rates can change without notice.