Aug 14, 2009
FHA Loan Rates - Mortgage Rates Drop to 5.3%
AUTHOR: Colin Keller
FHA loan rates have been a hot topic of late because many Americans are hoping to refinance or buy their first home in the next few months. Overall mortgage rates have dropped this week to 5.3% so you can expect FHA loan rates to have dropped as well. It has been quite a few weeks for mortgage rates as they shot up last week and have had a slight pull back this week. The bad news is that it looks as if the long term trend for mortgage rates is up.
Luckily there are still many mortgage lenders who are advertising mortgage rates under 5%. While there is no guarantee that you will get an interest rate that low, you will never know if you don’t try. Most of the ads lead to an 800 number where you can contact a representative. While you may not want to give the representative all of your contact information, it might be a great idea to give them a call and just see what you can get out of them.
Congratulations on taking the first step in getting a low mortgage rate. By doing the research you are well ahead of most people. The next step is to get out there and actually contact some of the mortgage lenders that can help you get a low mortgage interest rate!