Today’s Lowest FHA Mortgage Rates – Interest Loan Rates for First Time Home Buyers in April 2010
Posted on | April 28, 2010 | Comments Off
Today’s Lowest FHA mortgage rates are around 4.9% for well qualified borrowers. Many first time home buyers are looking for low interest loan rates as the first time home buyer tax credit is set to expire at the end of this week. With that being the case many first time buyers are flooding the market in an attempt to lock in on the $8000 tax credit.
It is very important to understand that there are insurance obligations that come with an FHA mortgage. It is sometimes wise to accept a slightly higher interest rate on a conventional mortgage because you will avoid the insurance costs. There are many mortgage calculators online that can help you to better understand if an FHA or conventional mortgage is better for you.
With 30 year fixed mortgage rates remaining below 5% it will be very interesting to see the new home sales numbers for the month of April. There is a very good chance that first time home buyers could truly prop up the overall housing market much as they did in the month of March. What will be truly interesting is to see what happens in May after the tax credit has expired.
Author: Jeremy North