Mortgage Rates: Lowest Mortgage Rates Bring Increase in Applications FreeRateUpdate.com
By: Rosemary RugnettaThe current lowest mortgage rates have brought an increase in applications according to the Mortgage Banker’s Association’s weekly survey for the week ending July 29th.
Today’s 30 year fixed mortgage rates are at 4.125%, 15 year fixed mortgage rates are at 3.500% and 5/1 ARM loan rates are at 2.750%. Over the past few years, consumers have been busy cleaning up their credit in order to increase personal credit scores and history. With good credit and verifiable income, these are the lowest mortgage rates available with 0.7 to 1% origination fee. Other documentation may be needed in order to receive lender approval.
Popularity for FHA mortgage loans has grown because FHA offers easier credit qualifying to borrowers. Current FHA mortgage interest rates are at 4.000%, FHA 15 year fixed mortgage interest rates are at 3.500% and FHA 5/1 ARM loan rates are at 3.250%. With a credit score as low as 580, FHA will accept a low down payment of 3.5%. Approved gifts and housing grants are also accepted. FHA mortgage loans are also available for those who wish to refinance. FHA mortgages do tend to have higher closing costs (APR) due to various FHA fees and the upfront mortgage insurance premium.
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