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Current mortgage rates - July 28, 2015

 
The overall average rate for 30-year fixed-rate mortgages fell by four basis points (0.04%) to an average of 4.11% for the week ending July 24, according to HSH.com’s Fixed Rate Mortgage Indicator. The 15-year fixed mortgage rate ticked lower by just one basis point to an average interest rate of 3.39%. Mortgage rates should be fairly flat again this week. All indications are that the economy is running at a modest pace again. The Federal Reserve is meeting this week, but no change to policy is expected. The Fed will likely increase rates in the fall, which is expected to have an impact on mortgage rates.
Loan Current Previous
30-year Fixed *
4.06 4.04
15-year Fixed *
3.36 3.35
1-year ARM
2.89 2.47
* Conforming, Expanded Conforming, and Jumbo Rates.
Time Range: 1m | 6m | 1y

Current Mortgage Rates

3.500% Rate

30 Yr. Fixed

3.660% APR

$898 / month (est)

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Updated 7/28/2015

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4.250% Rate

30 Yr. Fixed

4.475% APR

$984 / month (est)

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Updated 7/28/2015

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RateZip
  • Fixed Mortgage Rates
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  • (2.80% APR)
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Mortgage Rates From 2.63% (2.96% APR)
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Other lenders for Mortgage Refinance of $200,000 in Virginia

3.750% Rate

30 Yr. Fixed

3.986% APR

$926 / month (est)

Updated 7/27/2015

  • Find a mortgage right for you. NMLS#98161
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3.875% Rate

30 Yr. Fixed

4.101% APR

$940 / month (est)

Updated 7/23/2015

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3.875% Rate

30 Yr. Fixed

4.100% APR

$940 / month (est)

Updated 7/24/2015

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3.625% Rate

30 Yr. Fixed

3.813% APR

$912 / month (est)

Updated 7/24/2015

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3.625% Rate

30 Yr. Fixed

3.846% APR

$912 / month (est)

Updated 7/24/2015

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More mortgage lenders in Virginia
Company Comments
Quicken Loans Last update: 07/28/2015 Great Rates. Expert Advice. Fast Process. Call 800-695-4122 and lock-in a low 30yr fixed rate today!
American United Mortgage Corporation Last update: 07/28/2015 The Wall Street Journal Reports We Have The Most Competitive 30 Year Rates In The USA!
Aimloan.com Last update: 07/28/2015 Certified UpFront Lender! Rates & Good Faith Estimate Online 24/7

Mortgage Rates at a Glance

Loan type/terms
Fixed 30 years
Fixed 15 years/20 Years
Hybrid ARM
Traditional ARM
Balloon Mortgage
Rate changes
Never; fully fixed for entire term
Never; fully fixed for entire term
Usually after fixed period of 3, 5, 7 or 10 years, then annual change typical
Fully variable, typically changing at one-year intervals; some have shorter change intervals
Never; fully fixed for entire term
Benefits
Low, stable payment; usually easiest qualification
Stable payments; builds equity faster; lower total interest costs than 30-year term
Lower rates than fully fixed-rate mortgage; can sometimes borrow larger loan amount for same income
Can have lowest interest rates, but qualification may not depend upon today's interest rate
Often has lower interest rate/monthly payment over balloon period than fixed rate; similar to hybrid ARM
Drawbacks/Risks
Can have highest total interest cost over time; user may "buy" more rate stability than actually needed, increasing cost
Requires higher income to qualify; less affordable monthly payment; funds commited to payment cannot be used elsewhere
Stable payment for a number of years, then unpredictable; rates can jump by as much as 6 percentage points at first adjustment
Payments fluctuate at each rate change; unpredictable, rates can change as much as 2 percentage points at each adjustment
Loan fully due and payable when balloon period ends; must be paid off or refinanced in unknown market conditions
Alternative strategy
Consider Hybrid ARM with appropriate fixed period
Consider 30-year term and prepaying loan to preserve cash-flow flexibility
Consider Fixed rate mortgage or longest possible fixed period, if loan hold period not known
Consider Hybrid ARM to ameliorate rate and payment risks for a given period
Consider Hybrid ARM to ensure continued loan availability
These may be useful for...
Purchasing a home; first-time homebuyers; refinancing to improve cash flow/lower payment
Refinancing to lower total interest cost; retiring mortgage more quickly; building or rebuilding equity more quickly
Purchasing or refinancing when time horizon is seven years or shorter, and where borrower can handle increase in monthly payments
Purchasing or refinancing when interest rates are near top of cycle, and are likely to fall, or sale or refinance is anticipated within three years
Purchasing or refinancing when time horizon is three years or longer and home will be sold prior to end of balloon period
Consider if
Buying or refinancing a home and planning on owning for longer than 10 years
Buying second home; refinancing to build equity; paying off mortgage before life event (retirement, etc)
Buying a home and expect to move before fixed period ends, or know income will rise to offset payment risk, even in worst-case scenario
Buying or refinancing when income can handle frequent payment changes and worst-case scenario for rates over a four-year period
Buying a home and expect to move before balloon period ends, or have resources to pay off mortgage if refinance not available
When shopping, ask about
"Full cost" vs. "No cost" refinances, prepaying loan to shorten term if desired
If 20-year term makes payment too high, whether 25-year term is available
Interest rate caps, for first and subsequent adjustments, worst-case scenario
A history of the Index the loan is keyed off, margin and caps
Whether or not there is any built-in refinancing option when the balloon period ends

Latest Mortgage Rate Analysis

Mortgage rate radar 07/28/2015 : Mortgage rates retreat this week

Jul 28, 2015

HSH.com releases its latest Weekly Mortgage Rates Radar showing both the largest one-week change and the lowest fixed mortgage rates since early June, as markets await clarity on the Federal Reserve's intentions for monetary policy. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM).

.. Read More

Shopping for a mortgage : What APR can't tell you

There are people who say that shopping for a mortgage is simple--just look choose the mortgage with the lowest annual percentage rate, or APR. However, that's not the case. The APR calculation, when used to shop for a mortgage, comes with several important limitations. Here is what you need to know about using the APR calculation when you shop for a home loan... Read More

Consumer handbook on adjustable rate mortgages

The Federal Reserve Board and the Office of Thrift Supervision prepared this booklet on adjustable rate mortgages (ARMs) in response to a request from the House Committee on Banking, Finance and Urban Affairs and in consultation with many other agencies and trade and consumer groups. It is designed to help consumers understand an important and complex mortgage option available to home buyers. We believe... Read More

Mortgage Rate Trends


vs. vs.
State
From To
30-Year-FRM
15-Year-FRM
30-Year-5-1-ARM
Mortgage Rates for Virginia
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