FHA Home Loan Rates November 23 – New Standards for FHA Loans?
Posted on | November 23, 2009 | No Comments
FHA home loan rates for November 23rd, 2009 are higher today as conventional mortgage interest rates are up. The conventional 30 year fixed mortgage rate is up to 4.67% while the conventional 15 year fixed mortgage rate is up to 4.23%. The conventional 5/1 ARM is actually bucking the trend and is down to 3.58%. FHA loan rates have been reported slightly lower than conventional mortgage rates recently but make sure to always check with your lender.
With the FHA having problems with financing there is a very good chance that we could see changes in the FHA lending standards. Some of the ideas that have been thrown around are higher down payments and tightening of lending practices. Prior to the steep decline in reserves FHA mortgage applications were not looked over throughly and it was often the case that most borrowers qualified.
Now that the reserves of the FHA have seen a steady decline you are likely to see lending practices tighten up significantly. This could mean that mortgage rates for FHA loans are higher and a much larger down payment will be needed; possibly as high as 5% to 7% of a down payment. If you want to lock into a low FHA mortgage rate it would be a good idea to get it done as soon as possible.
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: Jeremy North
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