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Typically what are FHA interest rates like? I thought they were close to prime. Is that not correct? Can anyone give me some examples?

a1sundevilsfan2 · Joined: 01 Nov 2007 Posts: 32 14.61 Dollars($)

Not sure if this helps or not.... but I am closing on a FHA loan Friday Morning and its just under 6.25

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi,

FHA interest rate varies on different things. Are you taking Adjustable Rate Mortgage or Fixed Rate Mortgage? Fixed mortgage rates depends on yields on the ten year Treasury bond issued by US Treasury and Adjustable mortgage rates may be close to Prime Rate.

Thanks,
Larry

gmakerley1 · Posted: Mon Nov 05, 2007 2:02 pm Post subject: FHA rates

FHA rates are quite close to conforming loan rates at this time. Depending on your specific situation, an FHA loan is often a better alternative. For purchases, you will generally a higher price for 3% downpayment on conforming than on FHA; also you are able to refinance up to 95% on a cash-out with FHA loans.

The rates are truly quite good.

livinginnky · Posted: Fri Nov 09, 2007 3:10 pm Post subject:

FHA rates are comparable to conforming loan rates currently. Be careful though, just like conforming loans banks and brokers make Yield spread off of the rate. So if you get an FHA loan at 7.5% you may qualify for a much lower rate of say 6.5% and the lender is taking the difference as profit. Like all loans it is best to shop around and get the best rate.

banker0679 · Posted: Thu Nov 15, 2007 11:39 am Post subject: FHA Loans

FHA Mortgage rates depend on the lender. If you find a broker they maybe able to work with you a lot easier than a direct lender.

Brokers can adjust how much they get paid just to win your business.
Most lenders would rather keep their margin to pay their overheads.

FHA rates maybe also determined by the loan amount.
Usually the larger the loan...then the lower the rate.

edited per forum rules

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