FHA Loan Rates – Mortgage Refinance Rates Drop Below 5%

FHA loan rates continue lower as mortgage refinance rates have dropped below 5% to 4.9%.  FHA loan rates are generally about .75% points higher than average mortgage interest rates so expect to see 30 year fixed FHA rates at around 5.65%.  Getting an FHA mortgage refinance under 5.75% would save many American home owners quite a bit of money.  With mortgage rates getting close to historical lows there is no reason you shouldn’t start the process of getting a lower mortgage rate.

FHA home loans are designed to assist lower income families have the opportunity to live the American dream and own a home.  The fact that some of these borrowers come from lower income pushes mortgage rates a little bit higher.  With that being said, it is still a great opportunity for those who could not normally afford to own their own home.  The FHA.com website has plenty of information to help you with anything you need.  There is more information on there then you could ever completely go through.

With mortgage refinance rates dropping to new summer lows now might be the best time to start your research for a FHA loan.  FHA loan rates are falling with mortgage rates so you can expect to get a good deal if you do your homework and get out there and contact some lenders that can help you out.  There are several advertisements on the Internet and television for companies that offer mortgage assistance so make sure and give them a call to see what services they can offer you.

Before you spend any money with these companies see what you can get for free.  The government offers many free services and HUD will be more than happy to let you speak to a representative about your mortgage situation.  You probably will not to immediately get to speak with one of these representative but if you are patient you might end up saving money by not forking over several hundred just in consultation fees with these privately held companies.

FHA loan rates continue to move lower so it might be a great idea to start the home refinance process.  If you are seeking your first home it is also a great time to start that process.  Getting an $8000 tax credit for a new home purchase is something that will save you tons of money!  Imagine being able to put $8000 back into your pocket?  With mortgage rates low and great opportunities created by the government now is the time to look into the housing market.

Author:  Jeremy North