FHA Mortgage Rates April 1, 2010
Mortgage rates for FHA loans rose modestly as of March 31, 2010. The average FHA mortgage rate stood at 5.15% and 0.70 points based on sample of the largest US mortgage lenders taken from the weekly survey of FHA mortgage rates performed by Findlocalmortgagerates.com.
The sample of mortgage lenders for this week’s FHA mortgage rate survey includes Bank of America, Wells Fargo, US Bank, SunTrust Mortgage and HSBC Mortgage. The mortgage rates are current as of April 1, 2010 for FHA loans originated by the mortgage lenders.
The current FHA mortgage rates offered by these financial institutions are as follows:
Bank of America 30 year fixed rate FHA loan rate is 5.125% with 1.125 points and a 5.317% APR.
Wells Fargo Home Loans FHA loan rate for a 30 year fixed rate loan is 5.250% with 1.00% and an APR of 5.665%.
US Bank has offers an FHA mortgage with a 5.250% and no points and a 5.792% APR.
SunTrust Bank’s FHA home loan is at 4.875% with 1.375 points and an APR of 5.460%.
HSBC Mortgage promotes a 30 year fixed rate FHA loan at 5.250 with no points and a 5.436% APR.
The APR listed can be utilized by home buyers to compare different mortgages based on the annual cost for each loan. The monthly mortgage payment for a home loan is based on the note rate, the note rate does not take into consideration the cost of obtaining the loan including the points paid and other closing costs that are factored into the APR.
The Annual Percentage Rate (APR) stated is a measurement used to evaluate the actual loan cost over the life of the loan and is generally higher than the stated note rate since it takes into account the following costs along with the mortgage note rate: points, mortgage insurance and closing costs. The APR is a required disclosure required by the Federal Truth-In-Lending Act.
Additional mortgage rates and point options are available from these mortgage lenders. Mortgage rates are believed to be accurate but can change at any time. The accuracy of the home mortgage details is not guaranteed.
All home loans are subject to bank or mortgage lender approval. Some mortgage loan products may have geographic restrictions and other restrictions may apply.
For current FHA mortgage rates and loan terms contact the lenders directly. The following list covers the contact information for the listed bank mortgage lenders.
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