FHA mortgage rates continue to mirror those of conventional loans. FHA loans do offer similar rates, however, the closing cost associated with those rates is significantly higher. That cost is set increase when MI, a premium charged at closing to borrowers obtaining FHA financing, is boosted from 1.75 to 2.25% of the amount borrowed on April, 05.
30-year fixed jumbo loans are available at 5.625% with slightly better rates (5.5) for borrowers with an extremely low LTV. Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, have been flat in the month of March. As a result, mortgage rates have been stable, unchanged since dipping slightly at the end of February.
As Spring approaches, it is a great time to purchase a home.
Current Mortgage Rates
* 30-yr fixed rate – 4.750%
* 15-yr fixed rate – 4.125%
* 5/1 ARM rate – 3.625%
* FHA 30-yr fixed rate – 4.750%
* FHA 15-yr fixed rate – 4.500%
* FHA 5/1 ARM rate – 3.625%
* VA 30-yr fixed rate – 4.875%
* Jumbo 30-yr fixed rate – 5.625%
* Jumbo Conforming 30-yr fixed rate – 4.875%
For additional information feel free to contact us.
AL GRANT REALTY GROUP
REMAX ALLEGIANCE: 202-256-8592