Today’s Lowest FHA Home Loan Mortgage Rates – Fixed 30 and 15 Year Loans Remain Near All Time Lows
Posted on | April 26, 2011 | Comments Off
With 30 year conventional mortgage rates under 5% many American homeowners are seeking today’s lowest FHA mortgage rates at levels that were unattainable just a few years ago. At the present time we are seeing fixed 30 year conventional mortgage rates at 4.65% while fixed 15 year rates are very close to 4%.
Many major mortgage lenders have reported that FHA mortgage rates and conventional mortgage rates are coming in very close. It is often true that FHA rates are slightly higher than conventional rates but they are still very similar in the current economic environment. With this in mind most homeowners can expect to see 30 year fixed rates for an FHA mortgage under 5% for well-qualified borrowers.
When looking for the lowest rates is important to recognize that only the best borrowers of money will receive the lowest interest rate offers. To receive an interest-rate under 5% it is often true that homeowners will need a significant amount of home equity, a debt to income ratio that is well under 40% and a credit score that is in excess of 740. By not meeting these financial requirements most homeowners are going to find that they can not receive the lowest possible rate offers.
Even though this is the case they are still some opportunities to save by refinancing. The general rule of thumb is that homeowners should save at least one full percentage point during the refinance process if they hope to cover costs and fees and also see a savings. With this in mind it is always a wise choice to use the many free mortgage calculators online to see what interest rate is desirable.
With over 7000 FDIC insured banks throughout the United States and should not be difficult to find some of the lowest FHA home loan mortgage rates and a particular area. By looking at several competitors some homeowners could end up saving a significant amount by doing a little bit of extra research.
Author: Heather Best
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