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Mortgage Monday: Rising Rates

After Friday’s strong jobs report, mortgage rates have continued to rise.  To give you a point of reference, take a look at a rate quote I posted to Twitter on January 25, 2013:

quoting 3.25% (apr 3.382) 30 year FHA fixed $390k sales price 3.5% down 720+credit $6281=closing costs P&I=1666.56 in #Midlo #mortgage

— Whitney Watson (@RVAloanofficer) January 25, 2013

Using the same exact scenario, today’s rate pricing is 4.25% (apr 4.397), a full point higher.  The new principal and interest payment would be $1,883, meaning the same house would cost you $217 more a month.

You can still have January’s rate, but it would cost you 7 points, or $23,344.  Yikes!

If you are considering purchasing or refinancing in Virginia please contact me for a mortgage consultation. To stay informed, follow me on Twitter and like me on Facebook.

If you are interested in purchasing or refinancing in one of the following states, I will be happy to connect you with a licensed loan officer in your state: Maryland, Delaware, Connecticut, Florida, Georgia, Maine, Massachusetts, New Hampshire, New Jersey, North Carolina, Pennsylvania, Rhode Island, South Carolina, Washington D.C., or West Virginia.

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