Virginia Beach Real Estate

Inflation jitters caused Virginia Beach interest rates to inch up this week according the Freddie Mac Primary Mortgage Market Survey®. This week’s survey shows the 30-year fixed-rate mortgage averaged 6.03 percent with an average 0.3 point for the week ending April 24, 2008. This is up from last week when it averaged 5.88 percent. Last year at this time, the 30-year FRM averaged 6.16 percent.

“Average rates on mortgages increased across the board this last week as the most recent economic data raised inflationary concerns in the capital markets,” said Frank Nothaft, Freddie Mac vice president and chief economist. “For example, the Producer Price Index - a measure of wholesale inflation - increased 1.1 percent in March, nearly double the consensus expectations.”

This is a week to consult with your lender before locking in interest rates for your Virginia Beach loan. If you are still househunting, you can view all Virginia Beach homes for sale or get New Listing Alerts delivered to your Inbox.

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