Mortgage Rates: Low Mortgage Rates Remain Firm as European Crisis Spreads FreeRateUpdate.com
By: Rosemary RugnettaLow mortgage rates are remaining firm today after it was reported that the European crisis is spreading with Fitch’s downgrade of both Spain and Italy.
Conforming mortgage rates are sitting steady at historic lows through another weekend. Today’s 30 year fixed mortgage rates are at 3.875% and 15 year fixed mortgage interest rates are at 3.250%. 5/1 ARM loan rates are at 2.625%. If borrowers have been watching and waiting for the lowest mortgage rates in order to refinance or purchase a home, this may very well be a good time to make a move. With good credit, these are the lowest mortgage rates available to borrowers with 0.7 to 1% origination point. Verifiable income and any other documentation requested must be submitted to receive lender approval. It is truly a buyer’s market and an unusual time in history when low housing prices and low mortgage rates have both occurred at the same time.
FHA has continued its role in promoting homeownership with its low FHA mortgage rates and attractive benefits for borrowers. Current FHA 30 year fixed mortgage interest rates are at 3.750% and FHA 15year fixed mortgage rates are at 3.500%. FHA 5/1 ARM loan rates are at 2.750%. Easier credit qualifying has always been a perk with FHA mortgages. In today’s economy, it is probably one of the most important benefits along with the low FHA down payment requirement of 3.5%. Even with a credit score as low as 500, FHA only requires a 10% down payment. To make up for the higher FHA closing costs (APR) that is incurred because of the upfront mortgage insurance premium and other FHA fees, FHA allows acceptable gifts, housing grants and up to 3% seller concessions. No other mortgage loan has the benefits that FHA offers.
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FHA Streamline Refinance - Utah, Nevada, Arizona, California, Idaho, Washington
utahmortgagenow.com FHA Streamline Refinances are easy and fast to do. In a matter of a few hours, we can reduce your interest rate, your monthly ...
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