FHA Mortgage Rates Today September 12, 2010
Current FHA mortgage rates remained relatively stable this week in light of the measurable rise in Treasury rates that occurred over the past week. A gloomy outlook for the economy had been hurting stocks but helping bring money into Treasury bonds and mortgage backed securities, which brings down mortgage rates. This past week has seen the first sustainable rise in interest rates which is likely to product higher mortgage rates in the coming weeks.
As a result of the general rise in interest rates this week, FHA mortgage rates increased for the week but the magnitude of the change is quite mild. Today’s 30 year fixed rate FHA loan has an average interest rate of 4.550% with 0.675 points based on the survey of the top FHA mortgage lenders performed by Findlocalmortgagerates.com.
The top five bank FHA mortgage lenders in the weekly survey promoted the following 30 year FHA mortgage rates, points and APRs:
Bank of America mortgage rate for the 30 year FHA home loan is at 4.625% with 1.125 points and an APR of 4.786%.
The 30 year FHA loan at Wells mortgage has an interest rate of 4.375% and 1.0 point for an APR of 4.721%.
SunTrust mortgage rate for an FHA loans is at 4.375% with 1.25 points and an APR at 4.924%.
US Bank mortgage offers the 30 FHA mortgage with an interest rate of 4.75% with no points resulting in an APR of 5.271%.
HSBC Mortgage rate for an FHA loan with a 30 year term is at 4.625% with zero points and a 4.804% APR.
The total cost of a 30 year FHA mortgage remains above that of a 30 year conventional home loan however, the mortgage note rate ( excluding points and the APR ) on an FHA loan is now below that of the average 30 year conventional mortgage.
The FHA mortgage rates, discount points and APRs listed are for owner occupied single family properties in California with a loan amount of approximately $250,000.00. The bank FHA mortgage rates listed are current as of this publication date but are subject to change.
All mortgage loans require bank approval, additional conditions and some restrictions may apply which may also alter the mortgage rates, points and APR offered by the mortgage lender.
Top FHA Mortgage Rates August 27, 2010
Current FHA mortgage rates have fallen along with conventional mortgage rates. Current 30 year fixed FHA mortgage rates are now under 4.50%. The most recent survey of the top FHA mortgage lenders performed by Findlocalmorgagerates.com shows the average 30 year fixed rate FHA mortgage is now at 4.425% with an average of 0.65 points.
FHA mortgage loans continue gain in popularity. Since the credit/mortgage crisis of 2007, mortgage lender guidelines have become increasingly restrictive. The rigid down payment requirements, combined with the overall restrictive lending guidelines for conventional home loans have caused an increase in FHA mortgage originations for home purchases this year.
The strict credit restrictions for conventional loans has also limited refinance activity and is causing an increase in FHA refinances for both existing FHA loans that are being refinanced from lower mortgage rates and existing conventional loans that are being refinanced into FHA loans to take advantage of both lower FHA mortgage rates and less severe credit, income and loan to value requirements.
The top five bank mortgage lenders in the survey offered the following 30 year FHA mortgage rates, origination and discount points and APRs:
Wells mortgage rate for a 30 year FHA home loan is 4.25% and 1.0 point with a 4.673% APR.
US Bank mortgage rate for an FHA loan with a 30 year term is at 4.50% with zero points and a 5.01% APR.
Bank of America mortgage offers the 30 year FHA mortgage rate at 4.625% with 1.125 points and an APR of 4.786%.
SunTrust mortgage rate is 4.25% with 1.125 points and an APR at 4.783% on the FHA 30 year home loan.
HSBC Mortgage rate for an FHA loan is 4.50% with no points resulting in an APR of 4.678%.
The FHA mortgage rates, discount points and APRs listed are for owner occupied single family properties in Illinois with a loan amount of approximately $200,000.00. The bank FHA mortgage rates listed are current as of this publication date but are subject to change.
All mortgage loans require bank approval, additional conditions and some restrictions may apply which may also alter the mortgage rates, points and APR offered by the mortgage lender.