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
Jumbo Mortgage Rates April 11, 2010
Jumbo mortgage rates drifted moderately higher for the second consecutive week. The average rate from the top five jumbo mortgage lenders surveyed in the weekly jumbo mortgage rate survey performed by Findlocalmortgagerates.com was higher by 10 basis points or 10/100 of a percent for the week ending April 9, 2010.
The average jumbo home loan rate ended the week at 5.70% with 0.639 points. The previous week’s average jumbo home loan rate stood at 5.60% with 1.039 points.
While jumbo loan rates have moved higher over the past few weeks, the interest rate difference between conforming loan rates and jumbo loan rates has narrowed slightly. The reduced spread is generally attributed to credit easing in bank lending, as minimal as it mat be.
Measuring the average jumbo loan rate often involves greater variation than conforming loan rates. A large segment of this variation is due to the greater dependence by mortgage lenders on credit scores and qualifications of the borrower on jumbo loans as opposed to conforming loans. Conforming loans are, well more conforming with well established underwriting standards in contrast to the jumbo loan market which is much smaller and more fragmented and thus leads to greater differences in mortgage rates offered by lenders due to relatively small variations in credit, income, down payment and the borrower’s assets.
The top five mortgage lenders used in this week’s survey results included: Chase Mortgage, Bank of America, Wells Fargo Home Mortgage, GMAC Mortgage and US Bank.
Survey results from the individual bank mortgage lenders for jumbo loan rates included:
Chase Mortgage which offers a 30 year fixed rate jumbo loan rate at 6.125% with no points and an APR of 6.155%.
Bank of America offers a jumbo loan with a mortgage rate of 5.500% with 1.0 point resulting in a 5.605% APR.
Wells Fargo Home Mortgage has a 30 year fixed rate jumbo loan rate of 5.500% and 1.0 point with an APR of 5.643%.
GMAC Mortgage promotes a 30 year jumbo mortgage with a mortgage rate of 5.875% and 0.195 points and an APR of 5.914%.
US Bank markets their jumbo loans with a mortgage rate of 5.50% and 1.0 point and a 5.660% APR.
While these are the mortgage rates are for a 30 year fixed rate jumbo loan, the bank mortgage lenders listed offer additional loan programs as well as additional rate and point options for jumbo loans.
The mortgage rates, points and APRs listed are accurate as of this publication date but are not guaranteed. Mortgage rates may change and are subject to bank approval and underwriting loan conditions. Rates may also vary by region.
The mortgage lenders listed for the survey can be contacted directly for current jumbo loan rates and terms as well as additional loan information. The phone numbers for the mortgage lenders listed are as follows:
Chase Mortgage 800-873-6577
Bank of America 800-586-9861
Wells Fargo Home Mortgage 877-937-9357
GMAC Mortgage 877-941-4622
US Bank 888-831-7524