FHA Loan Rates – Refinance Your FHA Mortgage Today
Posted on | September 10, 2009 | 1 Comment
FHA loan rates have been dropping with average mortgage rates for much of the last month. Now might be a great time to refinance your FHA mortgage. Average 30 year mortgage rates have dropped from 5.45% to 5% since August 9th. With this drop, FHA loan rates have fallen as well. On average, FHA rates are about .75% to 1% higher than average mortgage rates. This means that FHA rates are very close to 5.75% currently.
For FHA loan rates to be this low, it is a great time to refinance your current FHA mortgage. It would not be a stretch to say that most home owners who have a FHA mortgage have a mortgage interest rate much higher than 5.75%. While not all borrowers are going to qualify for a mortgage interest rate this low, you will never know if you can until you try. By just assuming that you have no chance to refinance at a rate this low you have already lost the battle.
The home refinance process is not an easy endeavor so if you plan on refinancing your mortgage it is advisable to do some research. By doing a few google searches and educating yourself to current mortgage rates and the steps to get your home refinanced you will save yourself a lot of time in the future. If you know what the next step is going to be you can better utilize your time to prepare for that step.
There are many companies out there that will be more than willing to help you out with a home refinance. Even if you don’t have a FHA mortgage you may still be able to qualify for extremely low refinance rates. You have seen ads all over the place for low rate refinancing so give it a shot. The worst that can happen is that you are told you do not qualify.
We are living in a time when mortgage rates are near historic lows and the government is doing everything in their power to help home owners. Take advantage of this time and try to lock in at the lowest possible mortgage interest rate you can get. With the easy access to mortgage lenders through the Internet there is no reason that you cannot do the research and take the steps to get a low refinance rate.
Author: Alan Lake
Comments
One Response to “FHA Loan Rates – Refinance Your FHA Mortgage Today”
Leave a Reply
September 11th, 2009 @ 2:03 am
[...] or just planning to obtain FHA home loans, it’s possibly the best time to do so. According to Subprime Blogger, FHA mortgage rates have been dropping with average mortgage rates for much of the last [...]