Today’s Lowest FHA Mortgage Rates – Interest Rates Moving Up Today and in April
Posted on | March 26, 2010 | No Comments
Today’s lowest FHA mortgage rates are around 5.05% for the 30 year fixed mortgage rate and 4.3% for the 15 year fixed mortgage rate. Many mortgage lenders are quoting conventional mortgage rates and FHA mortgage rates at a very close level. It is important to understand that FHA mortgages have insurance obligations.
It is sometimes better to get a conventional mortgage with a slightly higher interest rate because you can avoid the insurance restrictions on an FHA mortgage. Every mortgage lender will explain how much you will pay in insurance but it will be wise for you to sit down and do your own calculations.
It is all a numbers game and you will need to be a diligent numbers cruncher to find the best possible deal. There are many different ways that you can take out an FHA mortgage or a conventional mortgage that could lower your monthly mortgage payment.
Even though you have a very low monthly mortgage payment that does not mean that you are going to save the most money over the long run. You may be paying a significant amount of insurance that is not going towards the principal of your home.
Author: Mike Garner
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