Jul 28, 2009
FHA Loan Rates - Interest Rates Moving Up Greatly Soon?
FHA loan rates are likely to follow mortgage rates this week and that could very well be higher. The 10 year rate yield has moved up so it is very possible that mortgage rates will follow. The last time that the 10 year yield moved much higher and mortgage rates did not move, we saw a one day move of over .75% in average mortgage rates. Unfortunately, this move was to the up side rather than the down side. If that happened today, we would see mortgage rates over 6%.
If mortgage rates move this much higher, expect to see FHA loan rates follow them higher. If you have been thinking about refinancing or getting your first mortgage, now might be the time to do it because if you wait a few weeks, you could see average mortgage rates above 6% which will only bring FHA rates higher as well. The one good thing is that you are aware of the situation now and you can take action by contacting a lender and getting the mortgage application process in progress.
Congratulations on taking control of your financial life and doing research on FHA loan rates. The next step is going to be to lock in at historically low mortgage rates by contacting a mortgage lender. Make sure to do your research and take action.
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