Jul 30, 2009
FHA Loan Rates - Can You Get a Low Mortgage Rate?
FHA loan rates have been stable just like average mortgage rates over the last few weeks. What is amazing about this is the fact that rates should be going up because the 10 year yield has been increasing. The last time this happened we saw mortgage rates move up as much as .75% in one week. If we saw that happen now, we would see average mortgage rates well over 6% so just imagine what FHA loan rates would be at.
If you have been thinking about refinancing or getting your first mortgage, now might be as good of a time as any because mortgage rates are likely to rise in the very near future. If the 10 year yield continues to rise as it has since the beginning of 2009, we are going to see mortgage rates work their way towards 6%. You do now want to be the borrower who waited too long and mortgage rates jumped a full percentage point.
There are many mortgage lenders advertising extremely low mortgage rates. Even if you are not likely to get an extremely low mortgage rate, it never hurts to try. Most ads offer an 800 number to call and speak to a representative. It never hurts to give them a call and see what type of mortgage rate you might get.