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Recent turmoil in the financial markets has had an unexpected benefit for people hoping to buy a home and current homeowners.
An FHA loan is one option if you need a mortgage with a low down. This would mean your interest rate would be fixed for the first three years.
Mortgage rates valid as of 30 Sep 2019 08:43 am CDT and assume borrower has excellent credit (including a credit score of 740 or higher). Estimated monthly payments shown include principal, interest and (if applicable) any required mortgage insurance. ARM interest rates and payments are subject to increase after the initial fixed-rate period (5 years for a 5/1 ARM, 7 years for a 7/1 ARM and 10.
The most popular fha home loan is the fixed-rate loan known as the 203(b). It often works well for first time home buyers. It allows individuals to finance up to 96.5% of their home loan and helps to keep down payments and closing costs.
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As of Thursday Oct. 3, the average for a 30-year fixed-rate home loan was 3.65%, according to mortgage giant Freddie Mac.
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FHA mortgage rates hew closely to the mortgage rates on traditional home loans. If the average interest rate on a 30-year fixed-rate mortgage stands at 5.4 percent, you can figure that the average FHA mortgage rate is nearly the same. This makes these loans even more attractive.
On Monday, Oct. 7, 2019, the average rate on a 30-year fixed-rate mortgage dropped one basis point to 3.96%, the rate on the 15-year fixed fell one basis point to 3.51% and the rate on the 5/1 ARM.
It is calculated using Freddie Mac’s average rate on a 30-year fixed-rate mortgage with a 20 percent. When adjusted for inflation [2] the typical mortgage payment puts homebuyers’ current costs in.
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See the table below for an example of the costs associated with an FHA loan versus a 30-year fixed loan. Keep in mind, interest rates are dependent on the market and the borrower’s credit.