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Refinancing Home Mortgage
In: Mortgage Rate
4 Jun 2010If no, does it go up and down, and what causes it. Looking at 30 year fixed.
What’s your opinion on what they’ll be like this May.
This is about mortgage information questions.
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4 Responses to Does the FHA mortgage rate go up and down with the conforming rate?
mccray_51
June 4th, 2010 at 11:26 pm
Yes the FHA rates will ride the roller coaster just as the conventional loans will. No one can tell what the rates will look like in May…barring any major catastrophes, natural or man made, they should better. But no one really knows.
Steveo
June 5th, 2010 at 12:02 am
Yes, but it is the best bet. You can get into a graduated payment plan. It’s a bit like an adjustable rate loan, but after 10 years or 7 years of graduated increases, it levels out for the life of the loan. You start out at less than interest only, and then at the end of the graduated part, it becomes level and there you are.
Janice 10
June 5th, 2010 at 12:53 am
Yes, only FHA is one of the best ways to purchase a home FHA makes sure everything is in proper working condition and if a home cannot be sold FHA then the could be some hidden defects. No one knows what the rates will be this May. Best Wishes!
jenay672001
June 5th, 2010 at 1:35 am
FHA does not set interest rates, the sponsoring lender is the one who sets rates and they are dependent on daily activity in the economic sector and Wall Street, just as conforming rates are.
There is no way to know what rates will be this afternoon, let alone in May. Anyone who claims to know this info is lying to you.
Right now, rates are on the increase, up about .5% in the last 2 weeks.
Choose a reputable source for your FHA loan and keep in close contact with your loan originator.