Let’s take a look at the latest February 2016 VA Home Loan Rates. Mortgage rates once edged down a little bit amid continuous market declines, the latest Freddie Mac Primary Mortgage Market Survey said. This marks the fourth consecutive week that mortgage rates moved lower. Last week, rates also fell due to market declines driving investors to Treasuries. “The recent market turmoil has given the Fed pause; as was universally expected, the Fed stood pat this week but kept its options open for a rate increase in March 2016,” said Freddie Mac.
For February 2016, the 30-year fixed-rate mortgage averaged 3.79% for the week ending Jan. 28, 2016, down from 3.81% last week, but up from 3.66% a year ago. Additionally, the 15-year FRM this week decreased to 3.07%, falling from 3.10% a week prior. In 2015, the 15-year FRM averaged 2.98%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.90% this week, a drop from last week when it averaged 2.91%. A year ago, the 5-year ARM came in at 2.86%.
Keep in mind the average 30 year fixed rate listed assumes a standard conventional mortgage with 10-20% and 740+ credit. Government loan program rates (FHA, USDA and VA ) are often a little bit lower, but closely mirror the average conventional loan rates. VA rates are among the lowest available today. Please note that mortgage rates change frequently during the course of a week. If you need an up to date mortgage rate quote, please contact us at ph: 904-385-3988 or just submit the Info Request Form on this page.
Expert say if the 10 year treasury rate continues to decline we could see slightly lower mortgage rates in February. Keep in mind that the 10 year yield predicts overall mortgage rates. If you have been considering buying a brand new home in 2016 now is a great time to do so. Our mortgage professionals at VA Mortgage Hub can help you finance the home of your dreams. Whether it’s VA, FHA or USDA mortgage, we can assist you with getting pre approved. With average mortgage rates still near all time lows, it’s a great time to consider that new home purchase.
Home owners that currently have a VA loan should also check to see if they can benefit from the VA Streamline IRRRL refinance program in February. The VA streamline is a hassle free refinance program reserved exclusively for home owners that currently have VA mortgage. Listed below are some benefits of the program:
- No loan to value requirements. Even if your home is underwater or upside down in value, it’s ok
- No appraisal or home inspection needed
- No PMI or monthly mortgage insurance
- No out of pocket costs from the home owner
- No mortgage late payments in the last 12 months
- Little paperwork or documentation needed – again the program is very “streamlined” just like the name implies.
Home owners with other loans like FHA, VA or conventional can contact us to discuss other refinance options reserved for those loan types. We serve buyers in all 50 states, 7 days a week. Please contact us at ph: 904-385-3988