FHA Mortgage Rates Survey April 28, 2010
FHA home loan rates were moderately higher this week, based on the weekly survey of FHA mortgage rates performed by Findlocalmortgagerates.com. The results of the survey were somewhat mixed as the mortgage rate rose moderately while the average points charged by the FHA mortgage lenders in the survey was slightly lower.
The average FHA mortgage rate on a 30 year fixed rate home loan in the survey was 5.075%, up from last week’s average rate of 5.050%. The average points charged to obtain that rate was 0.625 which is down from last week’s average points charged of 0.725.
The largest FHA mortgage lenders in the survey included: Bank of America Home Loans, Wells Fargo Home Loans, US Bank, SunTrust Mortgage and HSBC Mortgage. The interest rate spread between the highest mortgage rate and the lowest remains extremely narrow. The lowest rate was 4.87% while the highest mortgage interest rate came in at 5.25%. Points charged ranged from no origination or discount points to as high as 1.125 points.
The current FHA mortgage rates, points and APRs on a 30 year fixed rate home loan from the top five mortgage lenders included the following:
Bank of America Home Loans offers a 30 year fixed rate FHA loan at 4.875% with 1.125 points and a 5.041% APR.
Wells Fargo Home Loan has a rate of 5.125% with 1.0 point on their 30 year FHA loan with a 5.897% APR.
The US Bank FHA mortgage rate for a 30 year term is at 5.250% and no points with a 5.792% APR.
SunTrust Bank offers a 30 year FHA mortgage rate at 5.000% with 1.0 point with a 5.463% APR.
HSBC Mortgage’s 30 year fixed rate FHA loan is at 5.125% with no points and a 5.310% APR.
The mortgage rates and points listed are current as of this publication date but are not guaranteed and are subject to change. The FHA mortgage rates are based on mortgage loan amounts of approximately $200,000.00 for owner occupied, single family homes based in Illinois. All mortgage loans are subject to bank or mortgage lender approval.
For more information the mortgage lenders listed and current FHA mortgage rates, these mortgage lenders can be reached at the following numbers:
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