FHA Mortgage Rates from the Top 5 FHA Bank Mortgage Lenders July 1, 2010
Long term FHA mortgage rates moved lower for the week based on the most recent survey of the top FHA bank mortgage lenders completed by Findlocalmortgagerates.com on July 1, 2010. The rate on the 30 year fixed rate FHA home loan dropped down to 4.675% this week. The average points charged to obtain that rate was also lower at 0.65 points.
The average 30 year FHA mortgage rate from the top 5 FHA bank mortgage lenders came in at 4.675% with 0.65 points and an APR of 5.106%.
FHA mortgage rates continued to drop along with conventional loan rates and the Treasury rates. Mortgage rates closely track the rates of the widely followed ten year Treasury bond and the ten year closed at its lowest level of the year, portending lower rates in the immediate future.
The top five bank mortgage lenders in the FHA mortgage rate survey include; Bank of America Home Loans, Wells Fargo Home Loans, US Bank, SunTrust Mortgage and HSBC Mortgage.
The results of the survey including the individual bank mortgage rates, points and APR’s are listed below.
Bank of America’s 30 year FHA mortgage rate is 4.625% with 1.0 point with an APR of 4.780%.
Wells Fargo Home Loans offers the 30 year FHA mortgage loan with a mortgage rate of 4.625% and 1.0 point with a 5.364% APR.
US Bank markets the 30 year FHA mortgage rate at 4.750% with no points and a 5.271% APR.
SunTrust Bank’s 30 year FHA mortgage has a mortgage rate of 4.625% with 1.25 points and a 5.186% APR.
HSBC Mortgage has an FHA home loan with a mortgage rate of 4.750% with no points and an APR of 4.931%.
Long term FHA mortgages are designed to provide low down payment financing and are one of the few options available for home buyers trying to finance a new home with as little cash as possible. The fixed rate mortgage provides a borrower with the security of a monthly payment that won’t change over the life of the life of the loan.
Mortgage rates listed are for owner occupied single family primary residences for loan amounts of $200,000.00. Mortgage loan programs, mortgage rates, terms and conditions are subject to change without notice. All loans require bank approval, additional conditions and some restrictions may apply.
The bank FHA mortgage lenders listed offer a variety of mortgage loan options and mortgage loan programs. For more information on the mortgage lenders listed and current FHA mortgage rates, the contact numbers are:
Bank of America 800-586-9861
Wells Fargo Home Loans 877-937-9357
US Bank 888-831-7524
SunTrust Mortgage 800-634-7928
HSBC Mortgage 800-975-4722