Fixed mortgage rates are essential for homeowners to protect themselves against rising interest rate loans. FHA rates have actually dipped below conventional mortgage rates that historically held bragging rights for the lowest interest. FHA offer fixed rate loans for 15 or 30 year terms. Borrowers can get a fixed rate mortgage with FHA when refinancing or purchasing. Fixed rate mortgages protect consumers against inflation and can save even more money when consolidating adjustable rate debt.
FHA Home Loan Services provides fixed rate mortgages that are calculated with simple interest.
Even if you have a low adjustable rate loan now, at some point the teaser rate will expire and your mortgage payment will rise significantly. With interest rates rising, the longer you wait the more you will end up paying.
