I know that people have locked in rates below 5% locally, but it fluctuates very fast and you need to be committed to act when the opportunity arises.
The mortgage money is there, but the guidelines has tightened up.
Best wishes and I too am watching rates.
I can't speak for the VA Beach area, but interest rates aren't high, as the link below shows. I've found that buyers who have good credit, job history and cash available have no problems getting mortgages right now.