FHA mortgage rates drop again as unemployment, rising energy and increased foreclosures continue to weaken the home financing economy. Borrowers appreciate the refinancing and purchase loan efforts led by low government mortgage rates.
In 2008, FHA Mortgage Rates Dropped to their Lowest Levels in 3 Years
If you are concerned about rising interest rates, refinancing your mortgage with a fixed interest rate is recommended. The FHA Home Mortgage Loan Company provides low rate mortgages for consumers with various credit profiles. Past bankruptcies or foreclosures should not deter you from submitting an application or q request for a professional loan quote online.
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From sea to shining sea, the thirty and fifteen-year mortgage rates dropped again last week as the fears of rising inflation and soaring energy costs dominated the news domestically. According to a recent by home loan giant Freddie Mac. Across America, the thirty year mortgage rates fell to an average of 6.52% from 6.63 % a week ago, while the fifteen-year mortgages averaged 6.07%, down from 6.18% a week ago. One-year adjustable rate mortgages, or ARMs, also fell to an average of 5.27% from 5.49% last week.
Freddie Mac said the "5/1" ARM, set at a fixed rate for five years and adjustable each following year, averaged 6.0% compared with 6.16% a week earlier. A year ago, 30-year mortgage rates averaged 6.68%, 15-year mortgages 6.32% and the one-year ARM 5.59 %. The 5/1 ARM averaged 6.29%. "Mortgage rates moved lower this week as a drop in commodity prices eased market concerns over inflation pressures," said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.
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Nothaft noted that the Department of Energy report released on Monday said the gasoline price was at its lowest nationally in the previous 3 months. FHA mortgage lenders charged an average of 0.7 % in fees and points on 30-year mortgages, up from 0.6% last week. They charged 0.6% on 15-year mortgages, unchanged from last week. Fees and points averaged 0.6 % on the one-year ARM, up from 0.5 % last week, and 0.6% on the 5/1 ARM, down from 0.7%.
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|FHA Home Purchase Loans are great for people who donít want to make a big down payment, when buying the 1st home.