Articles Tagged With: FHA Loan Rates

August 22, 2015

Mortgage Rate Trends: Moving Lower

Mortgage rates closed out the week by moving lower–some sources are labeling the current rates as the lowest in over three months. Rates edged higher ahead of the release of Fed meeting minutes, but every day after that (for three days in a row) there has been some form of improvement. That three-day improvement helped bring 30-year fixed rate conventional mortgage loans back into a range of rates with 4.0% at the upper end of the range and 3.875% at the bottom end, best execution. FHA mortgage loan rates, best execution, haven’t shifted out of the 3.75% comfort zone, but chances are good that if the improvement continues we’ll see FHA rates follow suit and move into a range of numbers with 3.75% at the high end. Again, that’s assuming | more...

August 21, 2015

FHA Mortgage Rate Trends: Lower After Fed Minutes Are Released

By Joe Wallace

Mortgage loan rates have been in a back-and-forth mode this week. One day they rise, altering closing costs for the most part rather than the actual best execution rate, the next day they fall, with the same result. On Wednesday all eyes were on the release of Fed minutes, which detail the meeting held last month. The details of that report sent investors into activity that benefits mortgage rates, and while the best execution numbers we reported in our last blog post haven’t changed, some borrowers may notice the alterations in the form of lower closing costs as previously mentioned. 30-year fixed rate conventional mortgages were reported at 4.0% best execution at mid-week, with some lenders coming in at sub-four percent best execution rates. Best execution rates are not available | more...

August 11, 2015

FHA Mortgage Rate Trends: Starting Out Higher

By Joe Wallace

In our last report we mentioned that Friday saw a rally for mortgage rates; the following Monday, August 10, served to wipe out those gains. In spite of that move higher, many lenders are offering best execution rates for 30-year fixed rate conventional mortgages (at the time of this writing) between 3.875% and 4.0%. We’ve had many days of improvement with minor adjustments here and there and a variety of sources report the rate activity we’re currently seeing could be deemed fairly typical. Overseas headlines about the Greek debt crisis have lost their influence on rate activity at home, it seems, but the China stock market woes could easily become an influence again if breaking news that influences investor behavior occurs. FHA mortgage loan interest rates are holding steady in | more...

July 15, 2015

FHA Mortgage Loan Interest Rate Trends: Slightly Lower After Fed Testimony

By Joe Wallace

On Wednesday, mortgage loan rates improved slightly after semi-annual testimony by the Fed Chair was delivered to Congress. Rates didn’t improve all that much, but with 30-year fixed rate conventional mortgage loans, we’re seeing reports of more lenders offering best execution rates closer to the bottom of the four percent range than yesterday. FHA mortgage loan rates seem to have found a comfort zone, with best execution rates between 3.75% and 4.0% reported for many days now. Remember, your experience may vary–best execution rates are offered to borrowers with ideal credit scenarios. The rates you see reported here are not available to all borrowers or from all lenders. The availability of a participating FHA lender offering these rates or something similar may also be a factor FHA mortgage loan rates | more...

June 16, 2015

FHA Mortgage Loan Interest Rate Trends: Holding Steady Ahead Of Fed Announcement

By Joe Wallace

Mortgage loan interest rates are holding steady ahead of an important and much anticipated announcement by the Fed on Wednesday. The Fed does not set mortgage loan interest rates, but as we have seen in the past with the Fed’s handing of Quantitative Easing (QE) that Fed announcements can and do cause a reaction in the markets that directly affect mortgage loan rates. So Wednesday will definitely be a day to watch. At the time of this writing, we’re seeing some sources report best execution rates for 30-year fixed rate conventional mortgage loans at 4.125%, though others offer a best execution range with 4.25% at the top and 4.125% at the bottom. If the Fed were to announce a rate hike on Wednesday, that could bring higher mortgage loan rates | more...

June 11, 2015

FHA Mortgage Loan Interest Rate Trends: Moving Lower After Upward Momentum

By Joe Wallace

European economic news has been fueling an upward trend in mortgage loan rates, pushing numbers higher than we’ve seen all year–the highest numbers of 2015 may still be lower than in years past, but the upward trajectory of mortgage loan rates in general has made some wonder where it might end. Did today’s market activity provide an “out” for rates to at least take a breather? On Thursday, rates did stop their upward climb (at least for one day) and pushed back down. 30-year fixed rate conventional mortgage rates had been creeping toward 4.25% as the predominant best-execution rate (out of a range between 4.125% and 4.25%). After today’s downturn the best execution rates are closer to 4.125%. Should a downward trend happen–lower interest rates over a period of days–we | more...

When Is An FHA Loan Better Than A Conventional Loan?

June 5, 2015

FHA Home Loan Refinancing: What You Should Know Before You Apply

By Joe Wallace

FHA refinancing loans give borrowers many options. Did you know that you do not need to have an existing FHA mortgage loan to take advantage of certain FHA refinance options on your loan? You can change lenders, change the nature of your loan from an adjustable rate to a fixed rate, and add energy-efficient improvements to the loan amount. FHA cash out refinance loans permit non-FHA borrowers to apply for refinance loans on conventional loans. You can refinance your existing FHA or non-FHA mortgage from a fixed rate to a new fixed rate loan, fixed rate to adjustable rate, adjustable rate to adjustable rate, etc. Cash out refinance loans always require a new appraisal, even if your current appraisal is still current. FHA loan rules say you cannot use an | more...

June 5, 2015

FHA Mortgage Rate Trends: Slightly Better

By Joe Wallace

Mortgage loan rates pushed into year-long highs recently and we’re monitoring headlines for important developments like the scheduled jobs report that’s due out on Friday with potential to help or hurt mortgage rates depending on both the contents of that report and investor reaction to it. Yesterday we reported best execution mortgage loan rates for 30-year fixed rate conventional loans having broken the 4.0% barrier after spending a great deal of time earlier this year at sub-four percent rates. Going into the low fours seems like a dramatic move higher, but compared to rates in years past, these numbers are still low…but the upward pressure makes those who have gotten used to seeing those best execution rates below four percent a bit nervous. There is much anticipation of the jobs | more...

June 4, 2015

FHA Mortgage Loan Interest Rate Trends: Moving Higher

By Joe Wallace

Since our last report, we’ve seen mortgage loan rates moving higher due at least in part to overseas economic headlines that have put pressure on rates here at home.We’ve been reporting on European Central Bank headlines making investors at home behave in ways that have been pressuring rates higher. The European version of Quantitative Easing or QE (news of which had been a major factor in adjustments in mortgage loan rates when it was being done stateside in years past) has helped to add some volatility to the mortgage loan rate situation here at home. Wednesday was no exception–A European Central Bank press conference did nothing to ease the upward pressure. Some reported waffling in that press conference on the nature of QE and under what conditions it might come | more...

April 16, 2015

FHA Mortgage Rate Trends–Mostly Improving Since 9 April

By Joe Wallace

On April 9, 2015, mortgage rates moved higher than they had been all month–not saying much since the month was only nine days old, to be sure. But since that time, rates have improved. There have been some ups and downs (yesterday mortgage rates experienced some weakness depending on the lender, but overall in the last four business days we’ve seen improvements.) but overall we’re still seeing rates holding at or near levels we reported last time. 30-year fixed rate conventional mortgages have been, at the time of this writing, at or near 3.625% (best execution), but in a range that tops out at 3.75% (again, best execution and depending on the lender). FHA mortgage loan rates are holding in a comfort zone between 3.25% and 3.5% best execution. Until | more...