Top FHA Mortgage Rates May 21, 2010

FHA mortgage rates have continued to move measurably lower this week and are now at the lowest rates for the year.  Based on the current survey of FHA mortgage rates from Findlocalmortgagerates.com, the average 30 year fixed rate FHA loan has a mortgage rate of 4.700% with 0.575 points.  The current FHA mortgage rate from the top five FHA bank mortgage lenders is down from last week’s average rate of 4.95% with 0.70 points.

FHA loans are government insured loans through the US Department of Housing and Urban Development.  The Federal Housing Administration (FHA) and the U.S. Department of Veterans Affairs (VA) offer government insured mortgage loans through approved mortgage lenders.  These home loans have features that usually make theses mortgage loans easier for first-time home buyers to obtain.  The 30-year fixed rate mortgage remains one of the most popular loans for both conventional home financing and FHA loans.

Home loan borrowers who have existing FHA mortgages may want to consider the streamline refinance programs or conventional refinance programs for those borrowers interested in refinancing their existing VA or FHA Mortgage for a lower mortgage rate or to obtain cash out at these historically low mortgage rates.

The list below displays current FHA mortgage interest rates from the top FHA bank mortgage lenders in the U.S. including Bank of America Home Loans, Wells Fargo Home Loans, US Bank, SunTrust Mortgage and HSBC Mortgage. 

Mortgage rates, points and closing costs may vary based on loan features, geography and/or other terms and conditions.  Mortgage rates, points and closing costs are subject to change without notice.

The 30 year FHA mortgage rate at Bank of America Home Loans is now at 4.50% with 0.75 points with an APR of 4.607%. 

Wells Fargo Home Loan offers the 30 year FHA mortgage rate at 4.75% with 1.0 point and an APR of 5.497%.

The current 30 year FHA mortgage rate with US Bank is at 4.625% with no points and a 5.271% APR.

SunTrust Bank has a 30 year FHA mortgage rate of 4.875% and 1.125 points with an APR of 5.083%.

HSBC Mortgage has dropped their 30 year fixed rate FHA home loan to 4.875% with no points and an APR at 5.067%.

All mortgage loans are subject to bank or mortgage lender approval.  FHA mortgage rates listed are based on home loan amounts of approximately $200,000.00 for owner occupied, single family homes based in Illinois. 

The mortgage lenders listed offer a variety of repayment terms and mortgage loan options for FHA loans as well as other mortgage loan programs.  For more information on the mortgage lenders listed and current FHA mortgage rates, the contact numbers are:

Bank of America 800-586-9861
Wells Fargo Home Loans 877-937-9357
US Bank 888-831-7524
SunTrust Mortgage 800-634-7928
HSBC Mortgage 800-975-4722