Average rates on thirty year FHA mortgage loans in the United States increased one basis point to 6.5 percent on Friday, according to Bankrate’s daily mortgage rate report. The FHA home loans in this survey had an average less than 0.15 discount and points. According to Lending expert, Bryan Dornan, “The FHA loan product has an opportunity to significantly help homeowners refinance their mortgage into an affordable payment while also avoiding foreclosure.”
A thirty year FHA mortgage is insured by the Federal Housing Administration and has an interest rate that stays the same for the 30-year term. If a person financed a $250,000 home loan with a thirty year FHA mortgage at 6.625% would pay $1,600 a month for the life of the loan.
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[...] Thirty-Year FHA Home Mortgage Rate UpdateAverage rates on thirty year FHA mortgage loans in the United States increased one basis point to 6.5 percent on Friday, according to Bankrate’s daily mortgage rate report. The FHA home loans in this survey had an average less than 0.15 … [...]
In today’s economy, the thirty year mortgages may be losing their luster. FHA needs to come out with a 40 or 50 year loan because the payments will be more like the interest only loans that borrowers can still afford in most cases.
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