Top 5 FHA Bank Mortgage Lender Rates June 9, 2010
30 year FHA mortgage rates were mostly unchanged based on the survey of the top 5 FHA bank mortgage lenders performed by Findlocalmortgagerates.com June 9, 2010. The average FHA mortgage rate for a 30 year term home loan was down by 2.5 basis points from the previous week but the points charged to obtain that rate rose by 7.5 basis points. One basis point is equal to 1/100 of a percent.
The average 30 year FHA mortgage rate survey stood at 4.725% down from 4.75% in the prior week while the average pints charged was 0.825 points, up from 0.75 points in the preceding week.
FHA mortgage rates continue to be hovering around the same level as conforming loans. For example, Wells Fargo offers the same rate and points for a 30 year conforming loan and a 30 year FHA loan. Despite the same note rate, the APR on the two loans is different. FHA loans typically have slightly higher costs that result in a higher APR because of higher fees including mortgage insurance costs.
The top five bank mortgage lenders in this week’s survey included; Bank of America Home Loans, Wells Fargo Home Loans, US Bank, SunTrust Mortgage and HSBC Mortgage.
The results of the survey including the individual bank mortgage rates, points and APR’s are listed below.
Bank of America Home Loans offers the 30 year FHA mortgage rate at 4.50% with 1.5 points resulting in an APR of 4.673%.
Wells Fargo Home Loans markets the 30 year FHA loan at 4.750% with 1.0 point and a 5.497% APR.
US Bank’s 30 year FHA mortgage rate is 4.875% with no points and a 5.402% APR.
SunTrust Bank’s 30 year FHA mortgage rate is 4.625% with 1.625 points and a 5.129% APR.
HSBC Mortgage markets an FHA home loan with a 30 year terms with a mortgage rate of 4.875% with no points for a 5.057% APR.
The FHA mortgage rates listed are current as of this publication date but are subject to change by the mortgage lenders at their discretion without notice. 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. Individual loan attributes such as property value, the borrower’s assets, income and credit profiles, as well as the geographic location may lead to different rates, points and APRs.
The bank FHA mortgage lenders listed offer a variety of mortgage loan options and 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