FHA Mortgage Rates July 15, 2010
FHA mortgage rates along with conventional mortgage rates remain at historic lows. According to the most recent survey of FHA mortgage rates performed by Findlocalmortgagerates.com, the average 30 year fixed rate FHA home loan remained in neutral. The average FHA mortgage rate from the top five bank mortgage lenders fell by a slim margin but was countered by a small increase in the average pints charged.
The average rate on a 30 year fixed rate FHA home loan dropped down to a rate of 4.625%, down from the prior week’s average rate of 4.65%. The average points charged came in at 0.65 points, an increase from last week’s average points of .625.
FHA loans offer a number of benefits in today’s mortgage market. FHA loans offer fixed rates, lower down payments and more liberal underwriting guidelines compared to conforming mortgage loans. FHA mortgages have also become very competitively priced compared to conforming mortgage loans.
Potential mortgage loan borrowers may benefit firm the loan guidelines and current rate available on FHA Loans whether they are first time home buyers, stepping up to buy another home or seeking a mortgage refinance to lower their mortgage interest rate.
The top five bank mortgage lenders in the FHA mortgage rate survey performed by Findlocalmortgagerates.com 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 FHA mortgage rates, points and APR’s are listed below.
The Bank of America 30 year FHA mortgage rate is 4.625% with 1.25 points and an APR of 4.770%.
Wells Fargo FHA mortgage rate on a 30 year loan is 4.625% and 1.0 point and a 5.364% APR.
US Bank 30 year FHA mortgage is 4.750% with zero points and a 5.271% APR.
SunTrust FHA mortgage rate on a 30 year term is 4.375% with 1.375 points and a 4.936% APR.
HSBC Mortgage FHA mortgage rate is 4.750% with no points and an APR of 4.931%.
FHA mortgage rates and points listed are for owner occupied single family properties with a loan amount of $200,000.00. Mortgage loan programs, mortgage rates, terms and conditions are subject to change without notice. All home 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 additional information on the FHA mortgage rates and bank mortgage lenders listed:
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