FHA Interest Rates Today

FHA mortgages are a great option for homebuyers who may not qualify for conventional mortgage loans. FHA mortgages are home loans especially designed by the Federal Housing Administration to assist those homebuyers who would otherwise be unable to qualify for standard home loans. These types of home loans are insured by the Federal Housing Administration which is liable to pay the lenders if borrowers fail to pay their mortgages.

FHA mortgages have gained popularity among borrowers for many reasons over the past few years. One of the major perks of an FHA mortgage loan is that it requires a down payment of only 3.5 percent which is far less than what most private lenders require.

FHA mortgages also have a variety of refinancing options for homeowners’ convenience. Homeowners can refinance from one FHA mortgage to another with lower mortgage rates. Also borrowers can refinance with an FHA Streamline mortgage which requires considerably less paperwork compared to other mortgage loans. There is also the FHA 203k mortgage program to assist homeowners with home improvements. The 203k home loan is designed to help homeowners making repairs to their homes. However, the 203k home loan cannot be used for renovations that require any architectural planning.

Total Mortgage has some of the best FHA mortgage rates in the entire country. The FHA interest rate today for a 30 year Fixed FHA mortgage is 4.125 percent with 5.537 percent APR. You can also check our FHA interest rates as well as current mortgage rates for New York, Pennsylvania, and New Hampshire and many more states online or call 877-868-2503 to speak with a licensed mortgage expert today!

Mortgage rates are always changing. All rates were quoted at 10:30 A.M., on November 29, 2010.

*All rates shown are for 30 day rate locks. Longer locks available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 2 points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $500,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants and are subject to mortgage approval. All rates are subject to change without notice.