FHA Home Loan Rates January 20th – Mortgage Rates Drop to 4.85%
Posted on | January 20, 2010 | No Comments
FHA home loan rates for January 20th, 2010 continue to drop as the conventional 30 year fixed mortgage rate is down to 4.85%. The conventional 15 year fixed mortgage rates is also down to 4.27%. FHA home loan rates have been coming in very close to conventional mortgage rates over the last few months but it would be wise to contact your lender and see what FHA home loan rate you qualify for.
Over the month of January conventional mortgage rates have moved between 4.8% and 5%. This tight range came after a month in which the range was 4.49% to 5.35%. This narrowing range could be a sign that mortgage rates are finishing up the bottoming out process before moving higher. Many analysts have already predicted that mortgage rates are likely to move higher starting in the spring of 2010.
If you have been thinking about refinancing your current home loan then it might be a good idea to take action sooner rather than later. If you continue to wait you could be looking at 30 year fixed mortgage rates that are closer to 6% than 5%. This would defeat the entire purpose of refinancing so make sure to take advantage of the current low interest rate environment.
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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