Bank FHA Mortgage Rates October 15, 2010
FHA mortgage rates increased modestly at the close of Friday, October 15. Long term bond rates moved higher towards the end of the week including the rats on mortgage backed securities, which drove mortgage rates higher. Mortgage rates closed the week moderately higher for both conforming loans as well as FHA mortgage loans.
With FHA mortgage rates continuing to hover close to conforming loan rates but remaining easier to qualify for, FHA mortgage rates have been a top choice for consumers looking to purchase a new home and refinance to a lower mortgage interest rate.
The average 30 year FHA mortgage rate increased by 2.5 basis points, bringing the average mortgage rate up to 4.30 percent. The average points charged by the top five bank mortgage lenders rose to 0.875 points and the average APR ended the week at 4.661 percent.
Mortgage insurance and FHA fees often make closing costs on an FHA mortgage loans higher than the costs of conforming loans which makes the APR on the FHA loan greater than that of a similar term and rate conforming loan.
FHA home loans are available for first time buyers as well as other home buyers or existing homeowners looking to refinance their home loan.
The top five bank FHA mortgage lenders in the survey of FHA mortgage rates put forward the following 30 year mortgage rates, points and APRs for October 15, 2010:
Wells Mortgage FHA mortgage rate on a 30 year loan is 4.25% and 1.0 point and a 4.488% APR.
Bank of America FHA mortgage rate is 4.25% with 1.25 points and an APR of 4.406% on the 30 year term loan.
SunTrust mortgage FHA loan rate is 4.125% with 2.125 point and an APR at 4.858% for the 30 year 30 mortgage.
US Bank mortgage 30 FHA mortgage rate is 4.25% with no points and a 4.75% APR.
HSBC Mortgage FHA loan rate for a 30 year loan is at 4.625% with no points and a 4.804% APR.
The FHA mortgage rates, discount points and APRs listed from the bank mortgage lenders 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 on specific loan requests.
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.
Top Bank Mortgage Rates July 5, 2010
30 year mortgage rates from the top five bank mortgage lenders surveyed by Findlocalmortgagerates.com were unchanged for the week while the points charged to obtain the rate dropped modestly. For the shorter, 15 year term home loan, the average rate increased marginally as did the average points charged.
The average mortgage rate in the survey for the 30 year term loan closed the week at 4.775% with 0.425 points. The drop in points pushed the average APR for the 30 year down from 4.917% last week to 4.906% in the current week. The 15 year mortgage rate ended at 4.20% with .50 points up from last week’s average rate and points of 4.175% and .40 points.
Results from the mortgage rate survey included the following rates, points and APRs from the individual bank mortgage lenders.
The Chase Mortgage rate for the 30 year home loan is 5.00% with 0.375 points with a 5.090% APR. The 15 year mortgage rate from Chase is at 4.500% with .125 points and an APR of 4.615%.
Bank of America mortgage rate is 4.75% with 1.0 point and an APR of 4.906% for a 30 year mortgage loan and 4.125% with 1.125 points with a 4.411% APR for the 15 year maturity.
Citibank mortgage rate is 4.875% with 0.125 points and a 5.031% APR on a 30 year and 4.25% with .25 points and a 4.533% APR for the 15 year fixed rate mortgage.
Wells Fargo mortgage rate for the 30 year is 4.625% and 1.0 point and an APR of 4.812% and the 15 year fixed rate mortgage from Wells Fargo is at 4.00% with 1.0 point and a 4.321% APR.
US Bank mortgage rate is 4.625% with no points and a 4.69% APR for a 30 year fixed rate home loan and 4.125 with no points and a 4.236% APR on the 15 year term home loan.
The bank mortgage lenders listed offer a variety of additional home financing options including FHA mortgage loans, adjustable rate mortgages, jumbo loans and more. These mortgage rates are listed for information purposes to help consumers find local mortgage rates that best fit their needs.
Bank mortgage rates are current as of this publication date but subject to change. All mortgage loans are subject to bank approval.
The bank mortgage lender rates listed as well as the points and APRs are subject to change and may vary depending on the credit, income, assets and property being purchased by the borrower.
The mortgage rates, points and APRs in the Findlocalmortgagerates.com mortgage survey are for a home loan of between $200,000.00 and $275,000.00 on a single family owner occupied home with a minimum 20% down payment.
For more information on these mortgage rates, the bank mortgage lenders listed can be reached directly at the following numbers:
Chase Bank 800-873-6577
Bank of America 888-233-4124
Citibank 800-667-8424
Wells Fargo 877-937-9357
US Bank 888-831-7524