I dont think rates are high but one thng is for sure. It is a terrible time to buy a home in this area with the downturn in the economy. Who wants to buy a home today and haveit not be worth at least the same value tomorrow.
Cb, it just depends on your situation and as mentioned credit history, job, etc.
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.