VA Mortgage Lenders Selling Record Low VA Rates

admin | July 19, 2010 | 0 Comments

Most VA mortgage companies have posted positive results in VA loan origination in the first and second quarters of 2010 because VA mortgage rates have declined to record lows.   On Saturday Reuters reported that the thirty-year home loan rates remained at 4.57% for the week ended July 15, matching the prior’s week’s all-time low.  This report released by Freddie Mac covers the interest rate for conventional, FHA and VA interst rates.  A year ago, the VA interest rate averaged 5.14%.

2010 is a Great Year for VA Mortgage Lending

On average, VA mortgage lenders added 0.7 of a percentage point in points and fees last week.  The low VA rates have stimulated a pick-up in refinancing, mainly from borrowers who haven’t already refinanced when rates were similarly low over the past year and those who still have equity in their homes.

Financing for home buying have been hindered, by unemployment and fears of job loss.  “Over the past month, about four out of five conventional loan applications and more than one-half of FHA and VA loan applications were for mortgage refinancing,” Frank Nothaft, Freddie Mac’s chief economist, said in a statement.

Reuters indicated that homeowners would save approximately $1,500 in payments each year on a $200,000 loan at current VA mortgage rates compared with rates last June, he said.

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