March 3, 2015
It looks like an upward trend for mortgage loan rates in general at the time of this writing–we’re seeing some volatility in the rates that might be likely to continue thanks to some anticipated data releases later this week that have potential to move rates higher (based on investor reaction to those reports) including a jobs report and a Non-Farm Payroll report.
If rates do move higher in the wake of events like these they could move quickly–some market watchers say if you can’t handle the risk of the rates moving suddenly upward, locking in a mortgage loan rate is a good idea.
How are the rates doing? 30-year fixed rate conventional mortgages are edging closer to 4.0% territory–some say the 30-year fixed rates are, best execution, the highest they’ve been so far in the new year. Best execution rates for 30-year fixed are at the time of this writing reported at 3.875.
For their part, the upward pressure has put FHA mortgage loan rates out of the previously reported best execution range of between 3.25% and 3.5% and now the best execution rate is squarely in 3.5% territory. If upward pressure continues we could see FHA rates move into another range of numbers with 3.5% being the low end.
We’d like to remind our readers that the numbers you see reported here are listed as best execution rates which means high financial qualifications are assumed. Your FICO scores, loan repayment history and other factors will determine your access to these rates. They are not available to all borrowers or from all lenders. Your experience may vary.
Do you have questions about FHA home loans? Ask us in the comments section. All comments are reviewed prior to being posted on the site.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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