Kentucky Mortgage Rates
Kentucky Mortgage Rates: Kentucky Mortgage Interest Rates Are Unchanged This Week
February 4, 2011 (FreeRateUpdate.com) – Due to a decrease in home construction throughout the state of Kentucky, prices on mortgage backed securities fell last week. Fortunately, this week, due to positive data on manufacturing throughout the United States and Europe, mortgage interest rates increased on some mortgage types and decreased on others, such as on jumbo mortgages. On the whole, mortgage interest rates in Kentucky have remained steady this week. A 30-year fixed rate conforming mortgage in Kentucky has a mortgage rate of 4.750 percent, which is an increase of 0.125 percent from last week’s mortgage rates. A 15-year fixed rate conforming mortgage has a rate of 4.000 percent, which is also 0.125 percent higher than last week’s mortgage interest rates. A Kentucky 5/1 adjustable rate mortgage has a mortgage rate of 3.000 percent, which is a decrease of 0.125 percent over last week’s pricing. Well-qualified Kentucky borrowers with high quality credit are able to obtain the best mortgage rates available at only 0.7 to 1.0 origination points.
The FHA mortgage rates have remained stayed the same, too. The FHA mortgage rate is 4.500 percent for a Kentucky 30-year fixed rate FHA mortgage loan. The FHA mortgage rate is 4.000 percent for a Kentucky 15-year fixed rate FHA mortgage. An FHA 5/1 adjustable rate mortgage loan is currently at 3.125 percent, which is an increase of 0.125 percent over last week’s mortgage interest rates. Despite recent increases in the Kentucky FHA mortgage rates, an FHA mortgage loan is still a prevalent mortgage lending option amongst Kentucky borrowers, especially first-time home buyers. FHA loans have more favorable loan terms than conforming mortgage loans. It is important to remember that FHA-insured mortgage home loans have higher closing costs and additional fees that are charges to Kentucky borrowers. Some of those additional expenses include upfront mortgage insurance premiums, annual mortgage insurance premiums, additional residential appraisals, and so on.
Well-qualified Kentucky borrowers are able to take advantage of the best mortgage interest rates available. These borrowers will have a strong credit history with minimum number of missed and/or late payments. To qualify, Kentucky borrowers would usually have a credit score of at least 580 (sometimes upwards of 620) and reliable income sources, such as stable employment history with either consistent or increasing salary, and sufficient financial funds to pay for a down payment of at least 10 percent, which is usually verified by bank statements provided by prospective Kentucky borrowers. The Federal Housing Administration is well known to have easier qualifying guidelines on FHA-insured home mortgage loans. Due to recent economic circumstances, however, the Federal Housing Administration has more restrictive underwriting standards. So, to qualify for an FHA home mortgage loan more is similar to the qualifying standards of conforming mortgage loans.
Jumbo mortgage rates in Kentucky are lower than last week’s jumbo mortgage interest rates. A 30-year Kentucky jumbo mortgage has a mortgage interest rate of 5.250 percent, which is 0.125 percent lower than last week’s jumbo mortgage rate. A 15-year Kentucky jumbo mortgage has a mortgage interest rate of 4.625 percent, which is a 0.125 percent drop as well. For a Kentucky 5/1 adjustable rate jumbo mortgage, the jumbo mortgage interest rate is 3.750 percent. For a single family residence, the national conforming loan limit is $417,000 throughout most of the continental U.S and $729,750 for “high-cost” areas, such as Washington D.C. and New York. Therefore, for a majority of the counties in Kentucky the conforming loan limit is $417,000.
Due to a dip in home construction throughout the state of Kentucky, the mortgage market had experienced an increase in mortgage rates the previous week. Also, mortgage backed securities and mortgage interest rates have an inverse relationship, meaning they move in different directions. Therefore, if the prices of mortgage backed securities fall, then Kentucky mortgage interest rates will go up. As MBS prices decreased slightly today and due to better than expected economic reports, Kentucky mortgage rates are not expected to decrease in the near future and are relatively stable.
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FHA Mortgage 101
- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference
- Conventional vs. FHA mortgage, the difference