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15-Year FHA Rates
Many homeowners have changed their financing strategies from the 30-year to the fixed 15-year mortgage insured by the Federal Housing Administration. Did you know that choosing a fifteen-year mortgage could save you hundreds of dollars a month by eliminating the monthly insurance payment required on government loans? The FHA does not require mortgage insurance premium if a borrower is below 90% loan to value on the 15-year FHA mortgage rate. With this amortization schedule, borrowers would make 180 fixed payments, but there is no penalty for refinancing or paying the loan off early.
HSH and Zillow reported the average 15-year FHA rate was 2.625% last week.
Choose Type of FHA Loan
15-Year FHA interest rates provide homeowners with a clear path to own their home’s outright.
Why not get locked into a mortgage with a rate below 3% if you could own your home in fifteen years? This year we have seen the lowest 15-year FHA loan rates that have ever been recorded. We have seen thousands of people choose this term because it is affordable and fiscally responsible.
The Federal Housing Administration provides a variety of fixed rate terms.