Today’s Lowest FHA Mortgage Rates – Fixed and Adjustable Interest Rates Under 5% for Credit Scores Above 740
Posted on | January 31, 2011 | No Comments
When looking for today’s lowest FHA mortgage rates it is very important for homeowners to understand that a credit history will greatly dictate the interest rate that is applied to any loan amount. It is also important to remember that there is a great difference and fixed and adjustable interest rates but at the present time almost all mortgage types are below 5% for those who have a credit score above 740.
Unfortunately, many Americans continue to see their credit score drop as they struggle to make bill payments. Every bill that goes unpaid makes it that much more difficult to improve a severely damaged credit score. This is why it is very important to make 100% certain that all bills are paid on time and in full and at high interest rate debts are paid down to the best of one’s ability.
At the present time we are seeing conventional 30 year fixed mortgage rates around 4.85% while conventional 15 year fixed mortgage rates are around 4.15%. When it comes to the 5/1 adjustable rate mortgage we are currently seeing levels around 3.25%. Remember that these are interest rates for conventional mortgages but many major mortgage lenders have reported that FHA mortgage rates and conventional mortgage rates are coming in very close.
It is also imperative to remember that they are all our insurance obligations that come with an FHA mortgage. While these insurance obligations are not overly expensive they can add up each and every month. With this in mind it may be wise to consider a conventional mortgage with a slightly higher interest rate as these insurance obligations will be avoided.
As we get deeper and deeper into 2011 there is a very good chance that the overall economy could improve which in turn will push interest rates higher. For quite some time many analysts have predicted that as the overall economy gets better we will see interest rates move well above 5% and possibly all the way to 6%.
Author: Mike Garner
Tags: adjustable interest rates today > fixed home loan rates today > fixed interest rates today > lowest fha mortgage rates > mortgage interest rates today > todays lowest fha mortgage rates
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