FHA loan rates have never been more affordable. Borrowers may qualify for 30-year fixed loans with FHA rates below 5%. The 15-year loan has been reported with FHA mortgage rates as low as 4.5%. If that is not low enough, consumers can find FHA loan rates at 3.875% on the 5/1 ARM which guarantees a fixed interest rate for the first 5 years of the amortization schedule.
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FHA Refinance loans offer a new opportunity for borrowers with less than perfect credit to qualify for a fixed rate FHA mortgage!
FHA streamline rates are also available with the 30-year fixed, 15-year fixed and the 5/1ARM. Companies like Bank Rate, B of A and FHA refinancing have reported that FHA rates are as low as conventional non-government mortgages. The FHA rate policy is one reason why borrowers in all 50 states are reconsidering these HUD government loans. Borrowers also like that there are never pre-payment penalties with FHA loans and they require less equity for refinancing and less of a down-payment for purchase mortgage loans.
FHA home loan rates decreased to record levels in 2009 and 2010, but the Federal Reserve has indicated that interest rates will not remain low forever. It is expected that the Fed will begin hiking rates soon will increase FHA rates across the board. Take advantage of today’s affordable FHA mortgage rates and lock in for long term security and low payments.
