Good morning mortgage shoppers! This week is beginning with mortgage rates remaining stagnant from last week's results. It's important to keep in mind that rates may fluctuate from one institution to the next, and there's no better place to start your search then here – America's SAFEST online mortgage community!
Housing Administration (FHA) Loans
An FHA loan is a home loan that is backed by the Federal Housing Administration, a government agency that provides insurance on mortgages originated by FHA-approved lenders. This includes insurance for single family and multifamily homes – protecting lenders against substantial losses if the borrower is unable to make payments and defaults on the loan. Keep in mind that starting last month, most FHA borrowers will be required to pay private mortgage insurance for the life of the loan.
FHA Rates
FHA 30-Year Fixed 4.250% – APR 5.433%
FHA 15-Year Fixed 3.500% – APR 4.205%
FHA 5-Year ARM 3.500% – APR 3.519%
