Mortgage Rates Today: Current Run of Low Mortgage Rates Continues
Fixed mortgage rates continue to plummet this week amidst the uncertainty created by the wholesale credit downgrades by S&P that hit key European nations.
Qualified borrowers can gain access on home loans facilitated by the Federal Housing Authority, which property experts said have so far reached their most attractive levels since the global financial crisis in 2008.
The 30-year fixed rate mortgage now carries a rate of 3.500%, while the shorter 15-year package can be grabbed at a rate of 2.875%. These are the lowest mortgages rates available at the moment – with an origination fee ranging from 0.7 to 1% – for those borrowers who maintained excellent credit history.
Officials from FHA noted that adjustments on requirements were made to ensure that only qualified mortgage applicants will enjoy the benefits of these low home loan rates.
FHA mortgages are available at decent rates, particularly the 30-year deal which available at a rate of 3.250%, while the 15-year option can be obtained at a rate of 2.750%. The Federal Housing Authority is willing to award to applicants with proper documentations that could expedite the whole process of loan approval.
Today the 5/1 ARM loan rates are currently pegged at 2.750%, which can be availed by fulfilling almost the same requirements that the FHA had stipulated above.
Even the most difficult home loan to secure, the jumbo fixed mortgages have been adjusted to their lowest levels, now placed at interest rates of 4.125% for the 30-year plan and 3.375% for the 15-year package.
The housing agency reminded though that securing jumbo mortgages would require stringent vetting and in most cases, would call for applicants to prepare for higher down payments and reserves.
Despite the stricter procedures laid out by the Federal Housing Authority, the agency noted that borrowers can save a whole lot more through the FHA loans that offer better rates as compared to private lenders.
Case in point, the government agency noted, is Wells Fargo’s latest 30-year fixed mortgage rate, which is now sitting at 3.875% and an APR of 4.054%.
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