FHA Mortgage Rates April 7, 2010
FHA mortgage rates rose just modestly this week. Conforming loan rates appeared to increase more than FHA loan rates this past week, however the discrepancy is more likely attributed to the time at which the mortgage rate surveys are performed. Conforming rates are surveyed by Findlocalmortagerates.com at the end of each week while FHA mortgage rates are surveyed midweek.
The average 30 year fixed rate FHA home loan rate now stands at 5.15% with 0.75 points based on the weekly survey of FHA mortgage lenders performed by Findlocalmortgagerates.com. This is up modestly from last week when the average FHA loan rate was 5.15% with 0.70 points.
FHA loans continue to grow in relative volume for both mortgage refinance transactions and home loan purchases. The primary driver for increased FHA loan originations is lower home equity or down payment requirements and the flexible credit requirements.
The top five FHA mortgage lenders in this week’s survey include Bank of America, Wells Fargo, US Bank, SunTrust Mortgage and HSBC Mortgage.
Here’s a look at the state of the current FHA mortgage rates offered by these bank mortgage lenders:
Bank of America offers a 30 year fixed rate FHA loan with a mortgage rate of 5.125% and 1.25 points and a 5.297% APR.
Wells Fargo Home Loans FHA mortgage rate on the 30 year fixed rate loan is 5.250% with 1.00% and an APR of 5.710%.
US Bank promotes an FHA mortgage rate at 5.250% and no points yielding a 5.792% APR.
SunTrust Bank’s FHA home loan rate is 4.875% with 1.50 points and a 5.472% APR.
HSBC Mortgage is now marketing the 30 year fixed rate FHA loan with a rate of 5.250% with no points and a 5.436% APR.
All of the mortgage rates and points listed are current as of the time of this publication but are subject to change and are not guaranteed. All home loans are subject to bank or mortgage lender approval, additional conditions will apply. Some mortgage loan products may have geographic restrictions and other restrictions may apply.
Additional mortgage rates and point options including conventional loan programs are available from these mortgage lenders.
For current FHA mortgage rates and loan terms, the mortgage lenders listed can be contacted 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