Top FHA Mortgage Lender Rates May 26, 2010
FHA mortgage rates surveyed by Findlocalmortgagerates.com for the week ending May 26, 2010 were up modestly for the first time in three weeks. The average FHA mortgage rate from the top five bank mortgage lenders including Bank of America Home Loans, Wells Fargo Home Loans, US Bank, SunTrust Mortgage and HSBC Mortgage was higher for both the mortgage rate and points charged to obtain the mortgage rate.
The overall cost to obtain a 30 year fixed rate FHA home loan was 4.750% on average, up from last week’s average FHA rate of 4.70%. The average points charged rose to 0.75 points from 0.575 points in the prior week.
The list below displays current FHA mortgage interest rates from the top FHA bank mortgage lenders in the U.S.
Bank of America Home Loans has a 30 year FHA mortgage rate of 4.50% with 1.0 point and an APR of 4.622%.
The 30 year FHA mortgage rate at Wells Fargo Home Loan is 4.875% with 1.0 point and a 5.63% APR.
US Bank promotes the 30 year FHA mortgage rate at 4.875% with zero points and an APR of 5.402%.
SunTrust Bank offers a 30 year FHA mortgage rate of 4.625% with 1.75 points and a 5.141% APR.
HSBC Mortgage has a 30 year fixed FHA home loan rate of 4.875% with no points and an APR at 5.067%.
Federal Housing Administration or FHA is part of governments Housing and Urban Development agency or HUD which insures theses home loans that are offered and funded by the mortgage lenders listed. The FHA lending guidelines are established to offer loans that have low down payment requirements, low closing costs and easier credit qualifications.
The down payment on these home loans can be as low as 3.5% of the purchase price, the mortgage rates compare favorably with conventional loans and most of the closing costs and fees charged by the bank or mortgage lender can be included in the loan amount.
Mortgage rates are current as of this publication date but are subject to change 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