The contract interest rate for a 5/1 adjustable-rate mortgage loan dipped from 3.42% to 3.40%. Rates on a 30-year FHA-backed fixed-rate loan remained unchanged at 3.80%.
FHA Loan: Rate is fixed. The payment on a $211,775, 30-year fixed rate loan at 3.625% and 77.95% loan-to-value (LTV) is $1,103.38 with 2.00 Points due at closing. payment includes a one time upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and a monthly MIP calculated at 0.8% of the base loan amount.
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For example, a borrower with a good credit score and a 20 percent down payment who takes out a 30-year fixed-rate loan for $200,000 with an interest rate of 4.25% instead of 4.75% translates to almost $60 per month in savings – in the first five years, that’s a savings of $3,500.
Mortgage rates are mixed this week – some up, some down – but you see the real story when you compare rates right now to.
Fixed FHA rates today provide borrowers the security with 15 and 30-year rates. For example, 15-year FHA rates have dropped below 4% and the 30-year FHA rates range from 3.125% to 3.5%. American homeowners and those considering becoming a first time homebuyer should jump at the opportunity to lock into a government insured loan this low.
FHA Mortgage Insurance Single-Family 30-Year Fixed Interest Rates May 2013 The average interest rates table presents fha-insured single family 30-year fixed rate home mortgages between 1992 and the present, by endorsement month and the number of cases.
FHA 30-year, fixed-rate mortgage requires the payment of a mortgage insurance premium, usually for the life of the loan. An up-front fee of 1.75 percent of the loan amount gets charged at closing.
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A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR. The average rate on the 30-year fixed is two basis points lower than a week ago.
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Several benchmark mortgage rates tapered off today. The average rates on 30-year fixed and 15-year fixed mortgages both fell.
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