VA Lowers Interest Rate on Home Loans:...
From Times Staff and Wire Reports
VA Lowers Interest Rate on Home Loans: The Department of Veterans Affairs will lower the maximum loan interest rate for home-loan guarantees to 9.5% from 10% on Monday. The rate change is the first since Feb. 23, when it was increased to 10%. The new rate means that the monthly payment for principal and interest on the typical VA loan of $80,000 will amount to $672.29, which is $29.37 a month less than the previous rate. The new rate is for homes and condominium loans. Rates were also lowered to 12% for manufactured homes, 9.75% for graduated payment mortgages and 11% for home improvement loans.