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Current Mortgage Rates: Richmond, VA
4.000% (4.038% APR) 30yrs
3.500% (3.525% APR) 15yrs
as of 11/20/17
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Mortgage Blog

Jun 30

Now may be a GREAT time to shop around for Homeowners Insurance

Home prices have declined -- in some markets as much as half what a property might have sold for before the housing downturn. So why hasn't your homeowners policy changed as well?

Insurance experts are quick to point out that insurance is not based on the market value of property, but on the cost of rebuilding the property after it is destroyed. That cost includes not only labor and materials to rebuild, but also the cost of demolition and the removal and disposal of things that can't be reused.

"Market values are decreasing, but the cost to replace has gone up," says Elaine Baisden, vice president of national property for Travelers Insurance.

That said, homeowners insurance might not have to be as pricey as your insurance agent would like it to be. Consider these homeowners insurance basics, as well as some ways to trim its cost.

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Jun 30

Why are the Mortgage Rates rising with Unemployment being so low?

Mortgage rates jumped this week as investors put aside their concerns about a potential Greek debt default and became somewhat more confident in the U.S. housing market.

The benchmark 30-year fixed-rate mortgage rose 5 basis points this week, to 4.71 percent. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.43 discount and origination points. One year ago, the mortgage index was 4.75 percent; four weeks ago, it was 4.69 percent.

The benchmark 15-year fixed-rate mortgage rose 3 basis points, to 3.86 percent. The benchmark 5/1 adjustable-rate mortgage rose 9 basis points, to 3.45 percent.

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