More great info from Cyd West at 1st Community Mortgage.

This morning’s rates are not much changed from Friday afternoon.

The current VA rates (30 day lock) are:

6.5% 0 + 0
6.0% 0 + ¼
5.5% 0 + ½
5.0% 1 + ½

These rates assume that a borrower has a minimum credit score of 620. Borrowers with lower credit scores may be approved, but there will be an “upcharge” to the rate to compensate for added risk.

Conventional rates (30 day lock) are:

5.75% 0 + ¾
5.50% 0 + 1
5.00% 1 + ½

Again, these rates assume a reasonably qualified borrower with a credit score of 720 or higher. Other borrowers will be approved, but the rate will be adjusted.

These are the times we are living in right now. It’s not as easy as it once was. I will help you and your clients find their way through the financing maze. As always, I will keep you updated on any changes.

The most recent change is that any borrower other than a VA borrower must have a verbal verification of employment 10 days prior to closing. We can still use pay stubs as verification of employment and income, but we have to make contact with a supervisor at their job to verify that they are still employed prior to closing.

The Federal Reserve starts a two-day meeting tomorrow. We will see if any new policy statements or rate changes result from the meeting.