FHA Loan Rates
Everyone has been asking what the FHA loan rates are, but keep in mind that the absolute lowest rate is not always available. When getting qualified for an FHA loan, they must be qualified at the highest FHA loan rate to ensure that the correct parameters have been met.
You can use an FHA calculator to plug in different rates so you can see what different payments are going to look like. While interest rates haven’t reached 1%, they are the lowest they have been in years. With the large inventory of homes that you have to choose from, finding a home you like should be an easier task. This simply depends upon the town you are looking, and how much you can afford.
Keep in mind that when looking for FHA loan rates, the loans are not actually funded by FHA. They just simply the insure the loan for the lender when the borrower defaults on the loan. You need to find a professional that works with FHA loans so that they can tell you what the FHA loan rates are currently.
There are adjustable rates, but FHA typically doesn’t produce a lot of variable rate loans. The FHA loan rates are low enough right now, that you should really consider getting into a fixed rate loan, that way you will not have to refinance ever again. I can say with experience, having been in the business for over 19 years that I have not seen the rates so low. I am confident that if you were to refinance or buy a home this year, you are going to have a rate you will want to hang onto.
Recently, I have seen FHA rates as low as 4.72% on a 30 year fixed mortgage. It has been interesting to see what the market has done over the past few years. Although it has been a tough market, and homeowners have struggled, there are many programs that have been implemented to help them, and the market fell in favor of those who were looking to buy that last year weren’t considering it.
According to Bankrate.com, the 30 year fixed mortgage rates are at 4.125% today, and the 15 year is at 3.75. This is a really interesting diversion from the 6.25% we were looking at two to three years ago. Keep in mind too, that your FHA rates might vary according to state, due to the market in your state.
For more information, you can visit www.fhaloansnow.net. Happy rate shopping!
