FHA Home Loan Rates October 28 – Applications Down, Rates Up
Posted on | October 28, 2009 | 1 Comment
FHA home loan rates for October 28th, 2009 are up while mortgage application data showed applications are down. The conventional 30 year fixed mortgage rate is at 4.91% while the 15 year fixed is up to 4.46%. The 5/1 ARM is also up to 3.96%. FHA home loan rates are generally .5% to .75% higher than conventional mortgage rates.
Mortgage application data showed that mortgage applications dropped by 12.3%. There is a good chance that this is due to the expiration of the first time home buyers tax credit and many buyers were afraid to start the home buying process knowing that they could not close before November 30th. There is a great debate in Washington about extending the tax credit but nothing has been signed yet.
With mortgage interest rates still being well below 5% now is a great time to refinance your home. If you have been debating a home refinance you might not want to wait too much longer. If you continue to wait you might find that mortgage rates are moving well above 5% because the Federal Reserve Bank will not be buying US Treasuries starting November 1st.
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: Tiffany Mann
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One Response to “FHA Home Loan Rates October 28 – Applications Down, Rates Up”
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October 28th, 2009 @ 8:28 am
The problem with a lot of consumers that are waiting for the market to hit the bottom is that they will know that the market is at the market when they already missed it and the market is on the rise again.
Now is a great time to refinance or buy a home.