Blog, Home Buyer Tips

McLean, VA | My Buyer Agent Snapshot of Mortgage Rates

December 22, 2009 by Doug Francis · Leave a Comment

What subprime crisis? Affordable houses are e...

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As 2009 draws to a close, I have seen mortgage rates stay historically low and some McLean mortgage insiders forecast that they will stay low for the near term. The terrible economy has a lot to do with it… job insecurity, weak demand, and an unwillingness to enter into a 30 year relationship when rumors are easy to believe.

The truth is that if you have the job stability and some cash, then this is an amazing opportunity to buy a home.That is if you can find one that is worth buying since the supply of homes for sale is low… in Northern Virginia that is.

Today’s Home Buyers need a 5 to 10 year time horizon

So what are the rates that I see in Northern Virginia? Let’s take a look without naming names… but with 720+ FICO scores.

10% Down Payment, 30 year fixed, Sales Price up to $722,000 and the recent rate was 4.75% with 1.25 points.

5% Down Payment, 30 year fixed, Sales Price up to $438,900 and the recent rate was 4.875% with no points.

3.5% Down Payment, 30 year fixed FHA, max loan of $729,500 and the recent rate was4.875% with no points.

7-Year Conforming Jumbo ARM and the recent rate was 3.99% with no points.

15-Year Fixed had a recent rate of 4.25.

And loans up to the $1.5 million amount at rates of 5.625%!

If you currently have an adjustable rate loan tied to the LIBOR Rate, then take a look at the current 0.97% rate at BankRate.com .

I list these rates for information only and should be considered examples of mortgage rates available in Northern Virginia in December 2009. Also these are for new purchases and not for refinances which are typically slightly higher. Also, I am a licensed real estate agent and do not provide mortgages and have no affiliated business arrangements with any mortgage providers.