Current FHA Mortgage Rates April 22, 2010
The average rate for 30 year fixed rate FHA home loans were modestly lower this week based on the most recent survey of FHA mortgage lenders performed by Findlocalmortgagerates.com. The average FHA mortgage rate from the largest mortgage lenders was down by ten basis points or 10/100 of a percent for the week.
The average FHA mortgage rate this week stands at 5.05% with 0.725 points down from the prior week’s average FHA mortgage rate of 5.15% and 0.525 points.
The largest mortgage lenders in the survey includes: Bank of America Home Loans, Wells Fargo Home Loans, US Bank, SunTrust Mortgage and HSBC Mortgage. Of the largest mortgage lenders, three of the five reduced their mortgage rates while the other two lenders held their rates stable for the week.
The current FHA mortgage rates, points and APRs on a 30 year fixed rate loan from the top five mortgage lenders included the following:
The 30 year FHA mortgage at Bank of America Home Loans is now 4.875% with 1.0 point and a 5.021% APR. The 30 year fixed rate FHA Home loan at Wells Fargo Home Loan has a rate of 5.125% with 1.0 point and an APR of 5.897%. Bank of America reduced their rate from the previous week while Wells Fargo held their rate steady. Bank of America and Wells Fargo are by far the largest bank mortgage lenders by volume as of the close of 2009.
HSBC Mortgage has 30 year fixed rate FHA loan at 5.125% with no points and a 5.310% APR.
US Bank markets an FHA mortgage rate for a 30 year term at 5.250% and no points with a 5.792% APR.
SunTrust Bank’s 30 year FHA mortgage rate is now at 4.875% with 1.625 points resulting in a 5.484% APR.
FHA loans are available for first time buyers as well as other consumers purchasing a new home or seeking to refinance an existing home loan. FHA loans cannot be used for investment properties or second homes nor can a borrower have more than one FHA mortgage except under extraordinary circumstances.
The FHA mortgage rate survey results are based on mortgage loan amounts of approximately $200,000.00 for owner occupied, single family homes based in Illinois. The mortgage rates and points listed are current as of this publication date but are not guaranteed and are subject to change. All home loans are subject to bank or mortgage lender approval, additional conditions will apply.
For current FHA mortgage rates and loan terms from the FHA mortgage lenders listed, the following phone numbers may be used:
Bank of America 800-551-7975
Wells Fargo Home Loans 877-937-9357
US Bank 888-831-7524
SunTrust Mortgage 800-634-7928
HSBC Mortgage 800-975-4722