Today’s Lowest FHA Mortgage Rates – 30 Year Rates Down to 4.85%
Posted on | February 23, 2010 | No Comments
Today’s lowest FHA mortgage rates are down this Tuesday. The conventional 30 year fixed mortgage rate is currently at an average of 4.85%. Many lenders are reporting that FHA mortgage rates and conventional mortgage rates are coming in at very close levels in the current mortgage rate environment.
It is important to note that there are costs involved in getting a FHA mortgage rate which may end up costing more than getting a conventional mortgage rate. When contacting your lender to get preapproved it is important to understand all the costs of insurance and PMI before deciding which mortgage rate is right for you.
Even if you get a lower FHA mortgage rate you could end up paying more monthly than you would on a conventional mortgage. It is all a numbers crunching game and you will need to sit down with a pencil and paper and figure out just what method is right for you. Sometimes it is actually better to get a higher conventional mortgage rate because you will pay less in insurance.
Almost all mortgage lenders will be more than happy to sit down with you and help you decide what mortgage rate is right for you. Some mortgage lenders are much easier to contact than others but all mortgage lenders should go above and beyond to help you find a mortgage rates is right for your situation.
Author: Jeremy North
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