FHA Mortgage Rates: FHA 30 Yr-Fixed Mortgage Rate at 5% and Climbing
By: Sheldon Levene
FHA mortgage rates have ridden the wave over the past few weeks dipping to record lows before climbing in the past 2 weeks. The FHA 30 year fixed rate dipped as low as 4.5% almost 3 weeks ago according to FreeRateUpdate.com research of wholesale mortgage lender’s rate sheets. FHA mortgage rates move with conforming mortgage rates but typically differ by at least an 1/8 of a percentage. Recent talk of FHA’s liquidity problem hasn’t ad an affect on FHA loan rates. There is chatter right now that FHA is preparing to announce stricter guidelines and higher down-payment requirements. If that happens it’s sure to have an affect on the real estate market which is just getting going. FHA backed mortgages make up a large percentage of newly originated purchase loans. Some consider FHA the new subprime but the fact is FHA was around way before subprime mortgages. FHA has been requiring little money down since the 70′s and has always required income documentation.
Today’s FHA Mortgage Rates – FHA 30 Year and 15 Year Fixed Rates – 5/1 ARM.
Today’s FHA mortgage rates while up considerably from 3 weeks ago are still historically low. The current FHA 30 year fixed rate is 5%, up from 4.875% to start the week. The current FHA 15 year fixed rate is 4.5%. The current FHA 5/1 ARM rate is 4%, up from 3.875% to start the week. There’s a risk FHA mortgage rates continue to move higher. The Fed meeting at 2:15 PM PST will likely have no affect on FHA loan rates.