FHA Home Loan Rates November 16 – Attractive Mortgage Rates for Borrowers
Posted on | November 16, 2009 | No Comments
FHA home loan rates remain very attractive on November 16th, 2009. The conventional 30 year fixed mortgage rate is at 4.68% while the 15 year fixed is at 4.2%. The conventional 5/1 ARM is at 3.7%. With the government funding this program there have been many lenders that are reporting much lower mortgage rates than conventional rates when it comes to FHA. Make sure to contact your lender to see what rates are available to you.
The FHA is having a very hard time keeping up with the minimum required amount of reserves as they have funding an enormous amount of loans. There has actually been talk of a bailout because this is the case. Even though their reserve amount has fallen below 1% you can still expect to see FHA funding many mortgages.
The difference might be that they are getting much more strict with their lending practices and they might not offer those extremely low mortgage interest rates anymore. It will be very interesting to see how the FHA changes their strategy as they need to come up with a way to get their reserves back up.
Make sure to check out Subprime Blogger on a daily basis for your FHA loan rates. We will display the current FHA loan rates as well as a short commentary similar to the above column. Bookmark the following FHA Loan Rates category to gain easier access to our daily FHA rates column:
Author: Mike Garner
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