Economic Conversation

FHA loan rates are likely to follow the overall trend of mortgage interest rates and that trend is definitely down.  As of Sunday, April 2nd, average 30 year mortgage rates are at 5.05%.  This leads us to believe that mortgage rates are going to fall below 5% again sometime very soon.  The government has done a great job of keeping mortgage rates low in hopes of sparking an interest in the housing market.  What is has also done is saved many people a ton of money because of refinancing at a low interest rate or getting your first mortgage at an almost unheard of rate.

If you have been thinking about refinancing or getting your first mortgage, whether it be through an FHA loan or not, now might be one of the best times in history to start the process.  If you get started now, you could sign the dotted lined when mortgage rates are well below 5% and you will get the deal of a lifetime.  We have all seen advertisments for mortgage rates well under 5% already.  While it is unlikely you will get anything extremely low, you never know until you try!  Most of the ads offer an 800 number to call and speak to a representative.  Without getting all of your financial information the representative cannot give you an exact mortgage rate.  That does not mean that they cannot answer some of your questions and give you a ballpark figure.

Congratulations on taking the first step in getting a lower mortgage rate.  By starting the research step you are well ahead of most Americans in your position.  The next step is to get out there and actually contact some mortgage lenders and see what type of deal they can offer you.  You never know, you might get the best mortgage rate you have seen!