Current FHA home loan interest rates

Federal Housing Administration (FHA) loans are government insured home loans that allow for flexible credit guidelines, down payments as low as 3 percent and reasonable closing costs. These mortgages are insured by the FHA, which is part of the U.S. Department of Housing and Urban Development (HUD). One type of FHA loan is the 30-year fixed interest rate mortgage. Finding the current interest rate will help you decide if it's the best way to go.

Tips for you:

1. Visit individual bank websites to determine the mortgage rate that is currently offered for the 30-year fixed FHA loan (see the Resources section). Many mortgage lenders have a section on their website that allows you to check current mortgage rates. Since these mortgage rates change depending on economic conditions, it may be best to apply for FHA loan and lock in the interest rate when its low.

2. Visit your local bank branch or credit union and ask the mortgage loan department for the current interest rate on a 30-year fixed FHA loan.

3. Use a third-party website to get simultaneous quotes from multiple lenders offering loans in your area. The benefit is that it allows you to compare the current interest rates as well as the points charged by each bank. Mortgage websites include LendingTree.com and BankRate.com (see the Resources section).


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