The Fed's decision on rates will be announced by the end of the week. The speculations are holding strong that their decision will result in an increase in interest rates almost immediately. Here are the rates for this week:
30-yr Fixed
Conventional: 3.875%* FHA/VA: 3.250%*
15-yr Fixed
Conventional: 3.375%* FHA/VA: 3.125%*
*These are the closest “par” rates for the different types of mortgages. They assume very good credit, sufficient equity, and the absence of other negative risk factors (e.g. property use, cash-out or not, loan amount, etc.). Different specific risk factors will affect interest rates.
